Homework Answers
- Other Comprehensive loss for 2017 is as follows
Actuarial Liability Loss = (30800)
Less : Unexpected Asset gain = 17,000
Other comprehensive Loss = - 13,800
- Computation of Comprehensive income for 2017
Net Income = 26,900
Less: Other comprehensive loss = -13800
Comprehensive income for 2017 = 13,100
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Brief Exercise 20-9 Pharoah Co. had the following amounts related to its pension plan in 2017....
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).)...
South Texas Co. had the following amounts related to its pension plan in 2017. Actuarial liability...
South Texas Co. had the following amounts related to its pension plan in 2017. Actuarial liability loss for 2017 $30,400 Unexpected asset gain for 2017 17,500 Accumulated other comprehensive income (G/L) (beginning balance) 6.600 Cr. Instructions: Determine for 2017: (a) South Texas's other comprehensive (income)/loss. Assume net income for 2017 is $24,100; no amortization of gain or loss is necessary in 2017. Other comprehensive (income)/loss is __ (input positive amounts to signify debits and use negative amounts to signify credits)...
Problem 20-11 The following data relate to the operation of Culver Co.'s pension plan in 2018....
Problem 20-11 The following data relate to the operation of Culver Co.'s pension plan in 2018. Service cost Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Average service life of all employees $64,900 35,200 30,800 56,100 29,700 25 years The pension worksheet for 2017 is presented below. CULVER COMPANY Worksheet-2017 General Journal Entries Annual Pension Expense Cash OCI-Prior OCI - Pension Service Cost Gain/Loss Asset/Liability $132,000 Cr. Memo Record Projected Benefit Obligation Plan...
Stellar Enterprises provides the following information relative to its defined benefit pension plan. $2,720,500 1,975,000 2,269,200...
Stellar Enterprises provides the following information relative to its defined benefit pension plan. $2,720,500 1,975,000 2,269,200 210,100 46,000 451,300 Balances or Values at December 31, 2017 Projected benefit obligation Accumulated benefit obligation Fair value of plan assets Accumulated OCI (PSC) Accumulated OCI-Net loss (1/1/17 balance, 0) Pension liability Other pension plan data for 2017: Service cost Prior service cost amortization Actual return on plan assets Expected return on plan assets Interest on January 1, 2017, projected benefit obligation Contributions to...
Kingbird Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, 2017 $1,400 2,080 2,420 1,610 December 31, 2017 $...
Kingbird Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, 2017 $1,400 2,080 2,420 1,610 December 31, 2017 $2,080 2,970 3,550 2,520 Vested benefit obligation Accumulated benefit obligation Projected benefit obligation Plan assets (fair value) Settlement rate and expected rate of return Pension asset/liability Service cost for Contributions (funding in 2017) Benefits paid in 2017 10% 810 the year 2017 410 650 190 (a) Compute the actual return on the...
Exercise 20-09 (Part Level Submission) Sarasota Enterprises provides the following information relative to its defined benefit...
Exercise 20-09 (Part Level Submission) Sarasota Enterprises provides the following information relative to its defined benefit pension plan. $2,721,600 1,981,200 2,282,900 209,800 45,300 438,700 Balances or Values at December 31, 2020 Projected benefit obligation Accumulated benefit obligation Fair value of plan assets Accumulated OCI (PSC) Accumulated OCI-Net loss (1/1/20 balance, 0) Pension liability Other pension plan data for 2020: Service cost Prior service cost amortization Actual return on plan assets Expected return on plan assets Interest on January 1, 2020,...
Waterway Company sponsors a defined benefit pension plan for its employees. The following data re...
Waterway Company sponsors a defined benefit pension plan for its
employees. The following data relate to the operation of the plan
for the years 2017 and 2018.
Prepare a pension worksheet presenting both years 2017 and 2018.
(Round answers to 0 decimal places, e.g. 5,125. Enter
all amounts as positive.)
Calculate the amortization of the loss (2018) using the corridor
approach.
Amortization of the loss $ _______
Prepare the journal entries (from the worksheet) to reflect all
pension plan transactions...
Problem 20-11 The following data relate to the operation of Vaughn Co.'s pension plan in 2018....
Problem 20-11 The following data relate to the operation of Vaughn Co.'s pension plan in 2018. Service cost Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Average service life of all employees $67,260 36,480 31,920 58,140 30,780 25 years The pension worksheet for 2017 is presented below The pension worksheet for 2017 is presented below VAUGHN COMPANY Worksheet-2017 General Journal Entries emo Record Projected Annual Pension Expense OCI-Prior Service Cost OCI Pension Benefit...
Bonita Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about...
Bonita Company sponsors a defined benefit pension plan. The
corporation’s actuary provides the following information about the
plan.
January 1,
2017
December
31, 2017
Vested benefit
obligation
$1,390
$1,750
Accumulated benefit
obligation
1,750
2,850
Projected benefit
obligation
2,350
3,540
Plan assets (fair value)
1,820
2,550
Settlement rate and expected
rate of return
10
%
Pension asset/liability
530
?
Service cost for the year
2017
440
Contributions (funding in
2017)
720
Benefits paid in 2017
220
(a) Compute the actual return...
Exercise 20-11 (Part Level Submission) Culver Company sponsors a defined benefit pension plan for its employees....
Exercise 20-11 (Part Level Submission) Culver Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 in which no benefits were paid. 1. The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $56,200. 2. The company's funding policy requires a contribution to the pension trustee amounting to $146,676 for 2017. 3. As of January 1, 2017, the company...
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).)...
South Texas Co. had the following amounts related to its pension plan in 2017. Actuarial liability loss for 2017 $30,400 Unexpected asset gain for 2017 17,500 Accumulated other comprehensive income (G/L) (beginning balance) 6.600 Cr. Instructions: Determine for 2017: (a) South Texas's other comprehensive (income)/loss. Assume net income for 2017 is $24,100; no amortization of gain or loss is necessary in 2017. Other comprehensive (income)/loss is __ (input positive amounts to signify debits and use negative amounts to signify credits)...
Problem 20-11 The following data relate to the operation of Culver Co.'s pension plan in 2018. Service cost Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Average service life of all employees $64,900 35,200 30,800 56,100 29,700 25 years The pension worksheet for 2017 is presented below. CULVER COMPANY Worksheet-2017 General Journal Entries Annual Pension Expense Cash OCI-Prior OCI - Pension Service Cost Gain/Loss Asset/Liability $132,000 Cr. Memo Record Projected Benefit Obligation Plan...
Stellar Enterprises provides the following information relative to its defined benefit pension plan. $2,720,500 1,975,000 2,269,200 210,100 46,000 451,300 Balances or Values at December 31, 2017 Projected benefit obligation Accumulated benefit obligation Fair value of plan assets Accumulated OCI (PSC) Accumulated OCI-Net loss (1/1/17 balance, 0) Pension liability Other pension plan data for 2017: Service cost Prior service cost amortization Actual return on plan assets Expected return on plan assets Interest on January 1, 2017, projected benefit obligation Contributions to...
Kingbird Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, 2017 $1,400 2,080 2,420 1,610 December 31, 2017 $2,080 2,970 3,550 2,520 Vested benefit obligation Accumulated benefit obligation Projected benefit obligation Plan assets (fair value) Settlement rate and expected rate of return Pension asset/liability Service cost for Contributions (funding in 2017) Benefits paid in 2017 10% 810 the year 2017 410 650 190 (a) Compute the actual return on the...
Exercise 20-09 (Part Level Submission) Sarasota Enterprises provides the following information relative to its defined benefit pension plan. $2,721,600 1,981,200 2,282,900 209,800 45,300 438,700 Balances or Values at December 31, 2020 Projected benefit obligation Accumulated benefit obligation Fair value of plan assets Accumulated OCI (PSC) Accumulated OCI-Net loss (1/1/20 balance, 0) Pension liability Other pension plan data for 2020: Service cost Prior service cost amortization Actual return on plan assets Expected return on plan assets Interest on January 1, 2020,...
Waterway Company sponsors a defined benefit pension plan for its
employees. The following data relate to the operation of the plan
for the years 2017 and 2018.
Prepare a pension worksheet presenting both years 2017 and 2018.
(Round answers to 0 decimal places, e.g. 5,125. Enter
all amounts as positive.)
Calculate the amortization of the loss (2018) using the corridor
approach.
Amortization of the loss $ _______
Prepare the journal entries (from the worksheet) to reflect all
pension plan transactions...
Problem 20-11 The following data relate to the operation of Vaughn Co.'s pension plan in 2018. Service cost Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Average service life of all employees $67,260 36,480 31,920 58,140 30,780 25 years The pension worksheet for 2017 is presented below The pension worksheet for 2017 is presented below VAUGHN COMPANY Worksheet-2017 General Journal Entries emo Record Projected Annual Pension Expense OCI-Prior Service Cost OCI Pension Benefit...
Bonita Company sponsors a defined benefit pension plan. The
corporation’s actuary provides the following information about the
plan.
January 1,
2017
December
31, 2017
Vested benefit
obligation
$1,390
$1,750
Accumulated benefit
obligation
1,750
2,850
Projected benefit
obligation
2,350
3,540
Plan assets (fair value)
1,820
2,550
Settlement rate and expected
rate of return
10
%
Pension asset/liability
530
?
Service cost for the year
2017
440
Contributions (funding in
2017)
720
Benefits paid in 2017
220
(a) Compute the actual return...
Exercise 20-11 (Part Level Submission) Culver Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 in which no benefits were paid. 1. The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $56,200. 2. The company's funding policy requires a contribution to the pension trustee amounting to $146,676 for 2017. 3. As of January 1, 2017, the company...
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