Brief Exercise 17-13 (Algo) Recording pension expense [LO17-7] Major Medical reported a net loss-AOCI in last year's balance sheet. This year, the company revised its estimate of future salary levels causing its PBO estimate to decline by $7 million. Also, the $12 million actual return on plan assets fell short of the $14 million expected return. How does this gain and loss affect Major's income statement, statement of comprehensive income, and balance sheet? (Enter your answers in millions.) Income statement: Net income Comprehensive income statement: Gain-OCI Loss-OCI Balance sheet:

Brief Exercise 17-13 (Algo) Recording pension expense [LO17-7] Major Medical reported a net loss-AOCI in last year's balance sheet. This year, the company revised its estimate of future salary levels causing its PBO estimate to decline by $7 million. Also, the $12 million actual return on plan assets fell short of the $14 million expected return. How does this gain and loss affect Major's income statement, statement of comprehensive income, and balance sheet? (Enter your answers in millions.) Income statement: Net income Comprehensive income statement: Gain-OCI Loss-OCI Balance sheet:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The PBO was $100 million at the beginning of the year and $114 million at the end of the year. At the end of the year, pension benefits paid by the trustee were $6 million and there were no pension-related OCI account. The actuary's discount rate was 5%. What was the amount of the service cost for the year? (Enter your answer in million, round to the nearest million, without dollar sign, ex. 123 or -123).
see attached 1-3 and 1-5 to answer this Refer to the financial statements of Mixon Company in Exercises 1–3 and 1–5. Evaluate the effi- ciency and profitability of the company by computing the following: (a) net profit margin, (b) total asset turnover, and (c) return on total assets. Comment on these ratio results.
AA
Please analyse major trends from the table.
Penslon data for the Ben Franklin Company Include the following for the current calendar year: Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, $300,000 January 1: PBO ABO Plan assets Amortization of prior service cost Amortization of net gain December 31: Cash contributions to pension fund Benefit payments to retirees $1,500,000 1,100,000 1,600,000 30,000 5,000 230,000 250,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and funding for the year.
Answer questions A,B, and C
QUESTION 6 At January 1 2017 Hennein Oompanyhad plan assets of $280 000 and a projected benefit aligation of the same amount During 2017 service cost was $27 500 and settlement rate was 10% actual and expected return on plan assets was $25 000 contribuutions were $20 000 and benefits paid were $17 500 How much was Hennien Company's Pension Expense?
QUESTION 7 At January 1. 2017 Hennein Companyhad plan assets of $280 000 and a projected benefit oligation of the same amount During 2017 service cost was $27,500 and settlement rate was 10% actual and expected return on plan assets was $25 000, contributions were $20 000 and benefits paid were $17 500 How much was Hennien Company's Pension/Asset Liability?
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Tristan Company has a retirement benefit plan for its retirees.The following balances relate to this plan as of December 31,2007: Actuarial loss 190,000 Prior service cost 150,000 Accrued benefit obligation 980,000 Fair value of plan assets 500,000 How much should appear as Retirement Benefit Liability (Accrued) on December 31,2007? a. 520,000b. 440,000c. 480,000d. 140,000
16 Assume that at the beginning of the current year, a company has a net gain-AOCI of $60,100,000. At the same time, assume the PBO and the plan assets are $311,000,000 and $453.100.000, respectively. The average remaining service period for the employees expected to receive benefits is 10 years. What is the amount of amortization to pension expense for the year? Multiple Choice $1,479,000 $6,010,000 $14,210,000 $1476.000.