Homework Answers
Answer
- All working forms part of the answer
- Correct Answer = Option #4: $ 194,000
|
Service Cost |
$ 143,000 |
|
Interest on Projected Benefit Obligation [PBO] |
$ 52,000 |
|
Expected Return on Plan Assets |
$ (64,000) |
|
Amortisation of Prior Service cost |
$ 63,000 |
|
Pension Expense for 2018 |
$ 194,000 |
Add Answer to:
Question 14 Presented below is pension information for Sheridan Company for the year 2018: Expected return...
Presented below is pension information for Sandhill Company for the year 2018: Expected return on plan...
Presented below is pension information for Sandhill Company for the year 2018: Expected return on plan assets $79000 Interest on vested benefits 35000 Service cost 151000 Interest on projected benefit obligation 61000 Amortization of prior service cost due to increase in benefits 66000 The amount of pension expense to be reported for 2018 is $357000. $199000. $175000. $278000.
Presented below is pension information related to Woods, Inc., for the year 2015: $92,000 Service cost...
Presented below is pension information related to Woods, Inc., for the year 2015: $92,000 Service cost $54,000 Interest on projected benefit obligation $24,000 Interest on vested benefits $12,000 Amortization of prior service cost due to increase in benefits $18,000 Expected return on plan assets The amount of pension expense to be reported for 2015 was $128,000 $164,000 $182,000 $140,000
#4 Velasquez Company has available the following information about its defined-benefit pension plan for the year...
#4 Velasquez Company has available the following information about its defined-benefit pension plan for the year ending December 31, 2018: Service cost for 2018 Accumulated benefit obligation Plan assets at fair value Accumulated OCI (PSC) Vested benefit obligation Market-related asset value Projected benefit obligation Accumulated OCI net gain Interest on projected benefit obligation $ 45,000 683,000 630,000 300,000 505,000 725,000 865,000 90,000 64,000 Instructions (a) Calculate the pension asset / liability to be recorded at December 31, 2018. (b) Calculate...
Presented below is information related to Oriole Manufacturing Company as of December 31, 2018: Projected benefit...
Presented below is information related to Oriole Manufacturing Company as of December 31, 2018: Projected benefit obligation $ 1850000 Accumulated OCI -net gain 630000 Accumulated OCI (PSC) 840000 The amount for the prior service cost is related to an increase in benefits. The fair value of the pension plan assets is $1347000. The pension asset / liability reported on the balance sheet at December 31, 2018 is Pension liability of $1850000. Pension liability of $503000. Pension liability of $2690000. Pension...
Problem 2. Measuring and recording pension expense. Presented below is information related to the pension plan...
Problem 2. Measuring and recording pension expense. Presented below is information related to the pension plan of Zimmer Inc. for the year 2017. The service cost related to pension expense is $240,000 using the projected benefits approach. 2 The projected benefit obligation and the accumulated benefit obligation at the beginning of the year are $300,000 and $200,000, respectively. The expected return on plan assets is 9% and the settlement rate is 10%. 3 The accumulated OCI-prior service cost at the...
Presented below is pension information related to Pete, Inc. for the year 2008: Service cost $96,000 Interest on projec...
Presented below is pension information related to Pete, Inc. for the year 2008: Service cost $96,000 Interest on projected benefit obligation (at 6%) 72,000 Amortization of prior service cost 16,000 Expected return (2.4%) on plan assets (Actual return was -4.8%) 24,000 PBO at 1/1/2008 Plan assets fair value at 1/1/2008 Net Loss -AOCI at 1/1/2008 $1,200,000 1,000,000 110,500 The amount of pension expense to be reported for 2008 is A. $144,000 OB. $192,000 OC. $216,000 OD. $160,000
The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2018...
The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2018 and 2019 are presented below ($ in millions): Information Provided by Pension Plan Actuary: Projected benefit obligation as of December 31, 2017 = $2,000. Prior service cost from plan amendment on January 2, 2018 = $600 (straight-line amortization for 10-year average remaining service period). Service cost for 2018 = $560. Service cost for 2019 = $610. Discount rate used by actuary on projected benefit...
u U lic SCELTUI 201). Problem 2. Measuring and recording pension expense. Presented below is information...
u U lic SCELTUI 201). Problem 2. Measuring and recording pension expense. Presented below is information related to the pension plan of Zimmer Inc. for the year 2017. 1 The service cost related to pension expense is $240,000 using the projected benefits approach. 2 The projected benefit obligation and the accumulated benefit obligation at the beginning of the year are $300,000 and $200,000, respectively. The expected return on plan assets is 9% and the settlement rate is 10%. 3 The...
Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan...
Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan assets Beginning of year balance in CASH 3% 3% 4% $ 120,000 $ 40,000 Projected benefit obligation at the beginning of 2017 Service cost, 2017 Interest Cost Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year $ 3,500 (45,000) Projected benefit obligation at the end of 2017 $ 250,000 Plan assets at the beginning of the year Actual...
Exercise 20-2 xYour answer is incorrect. Try again Sheridan Company provides the following information about its...
Exercise 20-2 xYour answer is incorrect. Try again Sheridan Company provides the following information about its defined benefit pension plan for the year 2017. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Projected benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Interest/discount (settlement) rate $91,400 102,900 9,600 64,900 40,600 632,300 686,100 147,300 11 % Compute the pension expense...
Presented below is pension information related to Woods, Inc., for the year 2015: $92,000 Service cost $54,000 Interest on projected benefit obligation $24,000 Interest on vested benefits $12,000 Amortization of prior service cost due to increase in benefits $18,000 Expected return on plan assets The amount of pension expense to be reported for 2015 was $128,000 $164,000 $182,000 $140,000
#4 Velasquez Company has available the following information about its defined-benefit pension plan for the year ending December 31, 2018: Service cost for 2018 Accumulated benefit obligation Plan assets at fair value Accumulated OCI (PSC) Vested benefit obligation Market-related asset value Projected benefit obligation Accumulated OCI net gain Interest on projected benefit obligation $ 45,000 683,000 630,000 300,000 505,000 725,000 865,000 90,000 64,000 Instructions (a) Calculate the pension asset / liability to be recorded at December 31, 2018. (b) Calculate...
Problem 2. Measuring and recording pension expense. Presented below is information related to the pension plan of Zimmer Inc. for the year 2017. The service cost related to pension expense is $240,000 using the projected benefits approach. 2 The projected benefit obligation and the accumulated benefit obligation at the beginning of the year are $300,000 and $200,000, respectively. The expected return on plan assets is 9% and the settlement rate is 10%. 3 The accumulated OCI-prior service cost at the...
Presented below is pension information related to Pete, Inc. for the year 2008: Service cost $96,000 Interest on projected benefit obligation (at 6%) 72,000 Amortization of prior service cost 16,000 Expected return (2.4%) on plan assets (Actual return was -4.8%) 24,000 PBO at 1/1/2008 Plan assets fair value at 1/1/2008 Net Loss -AOCI at 1/1/2008 $1,200,000 1,000,000 110,500 The amount of pension expense to be reported for 2008 is A. $144,000 OB. $192,000 OC. $216,000 OD. $160,000
u U lic SCELTUI 201). Problem 2. Measuring and recording pension expense. Presented below is information related to the pension plan of Zimmer Inc. for the year 2017. 1 The service cost related to pension expense is $240,000 using the projected benefits approach. 2 The projected benefit obligation and the accumulated benefit obligation at the beginning of the year are $300,000 and $200,000, respectively. The expected return on plan assets is 9% and the settlement rate is 10%. 3 The...
Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan assets Beginning of year balance in CASH 3% 3% 4% $ 120,000 $ 40,000 Projected benefit obligation at the beginning of 2017 Service cost, 2017 Interest Cost Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year $ 3,500 (45,000) Projected benefit obligation at the end of 2017 $ 250,000 Plan assets at the beginning of the year Actual...
Exercise 20-2 xYour answer is incorrect. Try again Sheridan Company provides the following information about its defined benefit pension plan for the year 2017. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Projected benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Interest/discount (settlement) rate $91,400 102,900 9,600 64,900 40,600 632,300 686,100 147,300 11 % Compute the pension expense...
Most questions answered within 3 hours.
-
What is the net ionic equation for the reaction that would occur
when an aqueous solution...
asked 2 hours ago -
A
student bought $1000 worth of furniture. What is the equivalent
annual cost if it is...
asked 2 hours ago -
What taboo subject did Ida B. Wells suggest was consensual
between black men and white women?...
asked 3 hours ago -
You have just been hired by the EPA to help with the new gas
mileage standards...
asked 4 hours ago -
4) A firm is hit by increases in its wage rate, w.
a) How does this...
asked 5 hours ago -
A square current loop 5.4 cm on each side carries a 510 mA
current. The loop...
asked 7 hours ago -
What are five tips in conducting knowledge assessment/literature
review research? Each of these tips needs to...
asked 7 hours ago -
Antigen presenting cells link innate and adaptive immune
responses. In the theoretical scenario where phagosomes cannot...
asked 7 hours ago -
Dealing with conflict, in my opinion, is a skill and an art. I
believe that those...
asked 8 hours ago -
6. A long straight wire with circular cross section and radius
1.5 cm carries a 1.2...
asked 8 hours ago -
Deacon Corporation has provided the following financial data
from its balance sheet and income statement:
Year...
asked 9 hours ago -
List and discuss at least three variables from everyday life for
which you expect the variable ...
asked 9 hours ago