A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit pension plan of Universal Products is given below. The actuary's discount rate is 5%. At the end of 2022, the pension formula was amended, creating a prior service cost of $180,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year, as well as, the previous two years. Required: Fill in the missing amounts. Note: Enter your answers in thousands (i.e., 5,500 should be entered as 5.5). Enter credit amounts with a minus sign. ($ in thousands) Balance, January 1, 2024 Service cost Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization: Prior service cost Amortization: Net loss Gain on PBO Prior service cost Cash funding Retiree benefits Balance, December 31, 2024 PBO Plan Assets (31.0) $ (620.0) $ 480.0 $ Prior Service Cost - AOCI 171.0 $ (677.0) $ 480.0 $ 162.0 Net Loss - AOCI $ 62.0 $ 11.0 73.0 Pension Expense $ 94.0 (38.4) 55.6 Cash (78.0) Net Pension (Liability) / Asset $ $ (140.0) 18.0 (122.0)

Q: Define the term line positions.

A: Employees in the line positions are primarily responsible for achieving the goals of the…

Q: Explain IO and PO Strips?

A: Interest only (IO) strips are a financial product shaped by unraveling the principal and interest…

Q: What are IO and PO strips?

A: Mortgage-backed securities: The financial instruments intended in raising investment which is…

Q: Explain Destination principle in relation to VAT.

A: The destination principle is a principle in Value Added Tax (VAT) that determines the taxation of…

Q: Different ___________ are separated by definite visibleboundaries

A: The answer is provided as follows:

Q: Define Single-step format

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: What are the classes of transcription errors?

A: Definition: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What is a proxy statement? What information does it provide?

A: Definition:   Proxy statement: Proxy statement is a statement required for seeking shareholders’…

Q: Define management by exception.

A: Management by exceptions: Management by exceptions determines that the managers should not focus if…

Q: Define Double-entry system.

A: Double entry system: Double entry system is a way of accounting or bookkeeping which implies that…

Q: Define characteristic line

A: Characteristic line is a graphical representation of alpha (α) where alpha is the difference between…

Q: Only bracket values in picture

A: If Bondfine Company is liquidated value = $ 106 million If Ket Alive it will generate annual revenue…

Q: How do CDOs differ from CMBSs?

A: Difference between CDO and CMBS is that CMBS is a subset of CDO. In CMBS the underlying assets are…

Q: what is Reference control ?

A: I assumed as a question, as what is meant by the reference  to cost control?

Q: Explain the meaning of withholding at source

A: In finance withholding at source pertains to the domain of taxation. This is found in many countries…

Q: Define Profi t and loss (P&L) statement

A: Introduction: The financial statement is a detailed analysis of the financial situation of the…

Q: Define Indirect method

A: Hey there ! Since particular concept is not given, indirect method is assumed under cash flow…

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.