17. What is the amount that must be recorded in the company's financial statements in the...
17. What is the amount that must be recorded in the
company's financial statements in the case that the company uses
the defined contribution post employment benefit plan:
A. The amount of contributions to be paid is recognized as a
liability in the statement of financial position
B. The amount of contributions is recorded as an expense in the
statement of profit or loss and other comprehensive income.
C. Amounts to be paid after deducting payments are recognized as
liabilities in the statement of financial position
D. Points B and C are correct.
Homework Answers
Both point B and C are correct that means option D is the correct option for the given situation.
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17. What is the amount that must be recorded in the
company's financial statements in the...
The interest cost included in the annual pension cost recorded by an employer sponsoring a defined benefit pension plan...
The interest cost included in the annual pension cost recorded by an employer sponsoring a defined benefit pension plan represents the a) difference between the expected and actual return on plan assets. b) increase in the defined benefit obligation due to the passage of time. c) increase in the fair value of plan assets due to the passage of time. d) interest earned on the plan assets for the year. An experience gain or loss (adjustment) is a) additional...
Analyzing and Interpreting Pension Disclosures Assume E.I. Du Pont De Nemours and Co.'s 10-K report has...
Analyzing and Interpreting Pension Disclosures Assume E.I. Du Pont De Nemours and Co.'s 10-K report has the following disclosures related to its retirement plans ($ millions). Pension Benefits ($ millions) 2010 2009 Change in benefit obligation Benefit obligation at beginning of year $ 22,849 $ 22,935 Service cost 383 388 Interest cost 1,228 1,192 Plan participants' contributions 13 9 Acturarial loss (gain) (728) (244) Benefits paid (1,544) (1,506) Amendments -- (1) Net effects of acquisitions/divestitures 5 76 Benefit obligation at...
(b) The company's statement of financial position as of December 31, 2015 Be sure to give...
(b) The company's statement of financial position as of December 31, 2015 Be sure to give account titles and amounts, and briefly justify your presentation. 56 P12-5 (Goodwill, Impairment) On July 31, 2015, Mexico Company paid $3,000,000 to acquire all of the common stock of Conchita Incorporated, which became a division (cash-generating unit) of Mexico. Conchita reported the following statement of financial position at the time of the acquisition. Non-current assets Current assets $2,700,000 800,000 $3,500,000 Equity Non-current liabilities Current...
The first list below shows the financial statements normally included in a company's annual financial statements....
The first list below shows the financial statements normally included in a company's annual financial statements. The second list shows some amounts that often appear in those financial statements. A. SFP B.Statement of comprehensive income-profit and loss section. C. Statement of comprehensive income-other comprehensive income section. D. Statement of cash flows. E.Statement of change in shareholder's equity. (B,D,F) 1. Net income ( ) 2. Ratained earnings(opening) ( ) 3.Translation gain/loss on foreigh subsidiaries. ( ) 4.Provision for restructuring costs. (...
Question 4 a) IAS 19 Employee Benefits (amended 2011) deals with accounting for pensions. Briefly explain...
Question 4 a) IAS 19 Employee Benefits (amended 2011) deals with accounting for pensions. Briefly explain the principles behind a Defined Contributions Scheme and a Defined Benefits Scheme. (6 marks) b) Discuss the problems companies are facing in providing Defined Benefit plans for their employees in relation to the assumptions and estimates that have to be made in relation to the employees' pension obligations. (6 marks) c) Salvatori plc operates a Defined Benefits pension scheme. The following information relates to...
ABC Corporation has provided the following information regarding their defined benefit pension plan for the year 2018: C...
ABC Corporation has provided the following information regarding their defined benefit pension plan for the year 2018: Current service cost $ 235,000 Contribution to the plan 262,500 Past service cost, effective December 31, 2018 50,000 Actual return on plan assets 160,000 Benefits paid 100,000 Net defined benefit liability at January 1, 2018 400,000 Plan assets at January 1, 2018 1,600,000 Defined benefit obligation at January 1, 2018 2,000,000 Interest/discount rate on the DBO and plan assets 10% Required: 1) Prepare...
Exercise 19-3 Sandhill Corporation provides the following information about its defined benefit pension plan for the...
Exercise 19-3 Sandhill Corporation provides the following information about its defined benefit pension plan for the year 2017: Current service cost Contribution to the plan Past service cost, effective December 31, 2017 Actual return on plan assets Benefits paid Net defined benefit liability at January 1, 2017 Plan assets at January 1, 2017 Defined benefit obligation at January 1, 2017 Interest/discount rate on the DBO and plan assets $226,000 263,500 26,000 160,000 110,000 401,000 1,600,000 2,001,000 10% Sandhill follows IFRS...
Analyzing and Interpreting Pension and Health Care Footnote Xerox Corporation reports the following pension and retiree...
Analyzing and Interpreting Pension and Health Care Footnote Xerox Corporation reports the following pension and retiree health care (“Other”) footnote as part of its 10-K report. December 31, 2015 ($ millions) Pension Benefits Retiree Health Change in Benefit Obligation Benefit obligation, January 1 $11,855 $937 Service cost 36 7 Interest cost 295 34 Plan participants’ contributions 4 14 Actuarial loss (332) (4) Currency exchange rate changes (538) (25) Plan amendments and curtailments (17) (31) Benefits paid/settlements (638) (77) Benefit obligation,...
Exercise 20-15 Pina Company provides the following selected information related to its defined be...
Exercise 20-15 Pina Company provides the following selected information related to its defined benefit pension plan for 2017 Pension asset/liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2017 Fair value of plan assets (December 31) Settlement rate Projected benefit obligation (January 1) Service cost $26,400 Cr 396,400 9,900 149,400 799,700 10% 706,100 79,970 Compute pension expense. Pension expense for 2017 16500 Prepare the journal entry to record pension expense and...
A B Blossom Co. had the following amounts related to its pension plan in 2017. Actuarial...
A
B
Blossom Co. had the following amounts related to its pension plan in 2017. Actuarial liability loss for 2017 Unexpected asset gain for 2017 Accumulated other comprehensive income (G/L) (beginning balance) $29,000 19,700 6,800 Cr. Determine for 2017: (a) Blossom's other comprehensive income (loss), and (b) comprehensive income. Net income for 2017 is $25,500; no amortization of gain or loss is necessary in 2017. (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).)...
(b) The company's statement of financial position as of December 31, 2015 Be sure to give account titles and amounts, and briefly justify your presentation. 56 P12-5 (Goodwill, Impairment) On July 31, 2015, Mexico Company paid $3,000,000 to acquire all of the common stock of Conchita Incorporated, which became a division (cash-generating unit) of Mexico. Conchita reported the following statement of financial position at the time of the acquisition. Non-current assets Current assets $2,700,000 800,000 $3,500,000 Equity Non-current liabilities Current...
Question 4 a) IAS 19 Employee Benefits (amended 2011) deals with accounting for pensions. Briefly explain the principles behind a Defined Contributions Scheme and a Defined Benefits Scheme. (6 marks) b) Discuss the problems companies are facing in providing Defined Benefit plans for their employees in relation to the assumptions and estimates that have to be made in relation to the employees' pension obligations. (6 marks) c) Salvatori plc operates a Defined Benefits pension scheme. The following information relates to...
Exercise 19-3 Sandhill Corporation provides the following information about its defined benefit pension plan for the year 2017: Current service cost Contribution to the plan Past service cost, effective December 31, 2017 Actual return on plan assets Benefits paid Net defined benefit liability at January 1, 2017 Plan assets at January 1, 2017 Defined benefit obligation at January 1, 2017 Interest/discount rate on the DBO and plan assets $226,000 263,500 26,000 160,000 110,000 401,000 1,600,000 2,001,000 10% Sandhill follows IFRS...
Exercise 20-15 Pina Company provides the following selected information related to its defined benefit pension plan for 2017 Pension asset/liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2017 Fair value of plan assets (December 31) Settlement rate Projected benefit obligation (January 1) Service cost $26,400 Cr 396,400 9,900 149,400 799,700 10% 706,100 79,970 Compute pension expense. Pension expense for 2017 16500 Prepare the journal entry to record pension expense and...
A
B
Blossom Co. had the following amounts related to its pension plan in 2017. Actuarial liability loss for 2017 Unexpected asset gain for 2017 Accumulated other comprehensive income (G/L) (beginning balance) $29,000 19,700 6,800 Cr. Determine for 2017: (a) Blossom's other comprehensive income (loss), and (b) comprehensive income. Net income for 2017 is $25,500; no amortization of gain or loss is necessary in 2017. (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).)...
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