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- When a contingency comes into existence after the company’s fiscal year-end, why does a liability cannot be accrued?(Pension Expense, Journal Entries, Statement Presentation) Ferreri Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension planfor the year ended December 31, 2017. Check below image for information. The service cost component of pension expense for employee services rendered in the current year amounted to $77,000 and the amortization of prior service cost was $120,000. The company’s actual funding (contributions) of the plan in 2017 amounted to $250,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,200,000 on January 1, 2017. Assume no benefits paid in 2017.Instructions(a) Determine the amounts of the components of pension expense that should be recognized by the company in 2017.(b) Prepare the journal entry to record pension expense and the employer’s…The factors affecting pension expense are not always obvious.As the accountant for Sunlight City, you determine the following with respect to the city's pensions in a particular year.Service cost $356,000Interest on total pension liability 400,000Actual earnings on pension plan investments 500,000Projected earnings on pension plan investments 450,000Employer contribution to the plan 180,000Benefits paid to retirees 211,000 Based on the information provided, what should the city report as its pension expense for the year? Suppose that the benefits paid to retirees were actually $251,000 rather than $211,000. How would that affect the pension expense? Explain. Suppose also that the city failed to contribute anything to the pension plan. How would that affect the pension expense to be reported on the government‐wide statements? Explain. How would it affect the pension expenditure to be reported on the statements of the general fund?
- A33.On December 31, 2018, an entity paid $300,000 contribution to a defined contribution plan. Of this amount, P250,000 is in part exchange for services performed by the employees in December 2017, and the balance of P50,000 is in respect of services to be performed in 2018. What is the journal entry of the defined contribution plan made on December 2017?Putnam Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $19,500 for the period. The pension formula calculated a pension cost of $264,000. Only $15,840 was contributed to the pension plan administrator. (a) Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. (b) Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank.
- The following summary data for the payroll period ended December 27, 2021, are available for Cayman Coating Company: Gross pay FICA tax withholdings Income tax withholdings Group hospitalization insurance Employee contributions to pension plan Total deductions Net pay $ 93,000 ? 15,480 1,650 ? 25,455 ? Additional information: • For employees, FICA tax rates for 2021 were 7.65% on the first $142,800 of each employee's annual earnings. However, no employees had accumulated earnings for the year in excess of the $142,800 limit. • For employers, FICA tax rates for 2021 were also 7.65% on the first $142,800 of each employee's annual earnings. • The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earnings. Only $15,600 of the gross pay amount for the December 27, 2021, pay period was owed to employees who were still under the annual limit. b-2. Assuming that…The accounting staff of Wildhorse Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not readable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2021. (a)Determine the missing amounts in the 2021 pension worksheet, indicating whether the amounts are debits or credits. Annual Pension Expense debit/ credit Cash debit/ credit OCI - Prior Service Cost debit/ credit OCI - Gain/Loss debit/ credit pension asset/liability debit/credit Projected benefit obligation debit/credit Plan Assets debit/credit Balance Jan 1, 2021 1,190 Cr. 4,120 2,930 service cost $ 570 interest cost $ 326 actual return $ 422 unexpected gain 157 $ amortization of psc $ 61 contributions 1,190 1,190…Is a non-profit corporation also required to submit annual reports to SEC?