Cagayan Company provided the followinginformation for the current year:January 1Projected benefit obligation3,500,000During the yearPension benefits paid to retired employees250,000Past service cost500,000Actuarial loss200,000December 31Projected benefit obligation5,000,00010% discountrateWhat amount was reported as currentservice cost by Cagayan Company ?

Correct answer is 700,000 Projected benefit obligation at year end = Opening balance of PBO +…

Answered: Cagayan Company provided the following…

Intermediate Accounting: Reporting And Analysis

3rd Edition

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Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

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Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 11RE

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What amount was reported as current service cost by Cagayan Company ? 400 000 700 000 950 000 200 000
An entity provided the following information for the current year: Current service cost 500,000 Interest on projected benefit obligation 600,000 Interest income on plan assets 350,000 Loss on plan settlement 250,000 Past service cost during the year 300,000 Actual return on plan assets 850,000 Actuarial loss during the year 200,000 Contribution to the plan 1,500,000 What is the employee benefit expense for the current year? O 1.100.000 O 1.300.000 O1050.000 O1500.000
Jeff Irvin Company provided the following information for the current year: Current service cost 500,000 Interest on PBO 600,000 Interest income on plan asset 350,000 Loss on settlement 250,000 Past service cost during the year 300,000 Actual return on plan asset 850,000 Actuarial loss during the year 200,000 Contribution to the plan 1,500,000 What is the employee benefit expense for the current year? O 1,300,000 O 1,050,000 O 1,500,000 O 1,100,000
CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 loss
What is the employee benefit expense for the current year? 1 300 000 1 050 000 1 500 000 1 100 000 What is the projected benefit obligation at year-end? 5 650 000 6 650 000 6 400 000 6 450 000
The following date relate to the defined benefit plan of CCC Company for the year ended December 31, 20x8: Present value of benefit obligation, January 1, 20x8 Current service cost Benefits paid during the year Discount rate Present value of benefit obligation, December 31 20x8 1. P15,000,000 800,000 1,500,000 6% 17,410,000 Ignore income tax, what amount of remeasurement gain or loss that should be included in the other comprehensive income?
Sandra Company provided the following information for the 1. What is the employee benefit expense for the current current year: 500,000 Current service cost Interest expense on PBO Interest income on plan assets Loss on plan settlement before normal retirement date Present value of benefit obligation settled in advance Past service cost during the year Actual return on plan assets Actuarial loss on PBO during the year Contribution to the plan Benefita paid to retirees Discount rate 600,000 390,000 250,000 950,000 300,000 850,000 200,000 1,500,000 1,000,000 10% year? a 1,300,000 b. 1,050,000 1,500,000 d. 1,100,000 C. 2 What is the net remeasurement for the current yes.? a. 500,000 gain b. 200,000 loss c. 300,000 gain d. 300,000 loss 3 What amount should be reported as accrued benefit cost at year-end? a 2,000,000 b. 1,500,000 c. 1,750,000 d. 500,000
ions) Saved Help Save & Exit Submit Bissell Company recelved the following reports of its defined benefit penslon plan for the current calendar year: PBO Plan assets $400,000 195,000 32,000 (80,000) $250,000 30,000 110,000 (80,000) Balance, January 1 Balance, January 1 Service cost Actual return Interest cost Annual contribution Benefits paid Benefits paid Balance, December 31 $547,000 Balance, December 31 $310,000 The long-term expected rate of return on plan assets is 10%. Assuming no other data are relevant, what is the pension expense for the year? Multiple Choice $202,000. $197,000. $227,000. Prev 9 of 15 Next > Show 7 Question no....pages ..pdf Question no....pages MacBook Air 身

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William and Raj Company provided the following information for the year:Projected benefit obligation - January 1 P 700,000Fair value of plan assets - January 1 560,000Pension benefits paid during the year 50,000Current service cost for the year 350,000Past service cost for the year (vesting period 5 years) 85,000Actual return on plan assets 36,000Contributions to the plan 300,000Actuarial loss due to change in assumptions on projected benefit obligation 40,000Discount or settlement rate 10%Expected return on plan assets 12%1. What is the employee benefit expense for the current year?2. How much is the actuarial gain/loss on return on plan assets?3. What is the prepaid/accrued balance of the pension at yearend?4. How much is the defined benefit cost?5. If the pension benefits paid during the year is worth P50,000 but the company was able to pay only P45,000, what would be the employee benefitexpense for the current year assuming the above given is the same?
d. The following information pertains to Lasting Inc.'s defined benefit plan. Description Projected benefit obligation Plan assets at fair value Accumulated OCI-Pension Gain/Loss Accumulated OCI-Prior Service Cost Accumulated benefit obligation On Lasting Inc's December 31 balance sheet, what amounts would the company report for assets, liabilities and stockholders' equity? Select one: Assets Liabilities Stockho $0 $13,000 Assets Liabilities $132,000 $145,000 Assets Liabilities Stock SO $13,000 Assets Liabilities $132,000 $145,000 Assets Liabilities Stockh $132,000 $128,000 Equity $70,000 $145,000 Cr. 132,000 DT. 18,000 Dr. 88,000 Cr. 128,000 Cr. $70,000 s Equity $0 TULEV SO $70,000

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