Determine the employee benefit expense for the current year.
Q: At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan…
A: Defined benefit pension plans are the retirement designs that include providing a fixed and…
Q: Calculate the amount that the entity would recognize in other comprehensive income for the year in…
A:
Q: Tamarisk Company provides the following information about its defined benefit pension plan for the…
A: Working note 1:
Q: The following data is available for Mustang Company's defined benefit plan for the year 2019:…
A: Pension is defined as the fund collected from the taxpayer or employee during his term of…
Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…
A: Retirement benefit-cost taken to other comprehensive income for the year 2021 = Change in Return on…
Q: NOTE 17: EMPLOYEE BENEFIT PLANS (in part) ($ in millions) Changes in projected benefit obligation:…
A: This subject matter refers to the accounting and reporting of worker pension blessings via groups in…
Q: You have been provided with the following information related to the year 2020. The company is a…
A: Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: Jeff Irvin Company provided the following information for the current year: Current service cost…
A: Total defined cost = Current service cost + Interest on PBO + Loss on settlement + past service…
Q: At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan…
A: Interest cost = Beginning Defined benefit obligation x Interest rate = 11,000,000 x 10% = 1,100,000
Q: ABC Company had the following balances relating to its defined benefit plan on December 31, 2020:…
A: A defined benefit plan is a type of pension plan in which an employer promises to provide specified…
Q: On January 1, 2021 COMET Company provided the following data in connection with the defined benefit…
A: Interest costs = Projected benefit obligation x Discount rate = ₱7,600,000 x 10% = ₱760,000 Expected…
Q: REQUIRED: 7. Compute the net remeasurement loss for the current year
A: The question asked about remeasurement loss of the current year. The details were providing of…
Q: At the start of the year,Boy had the following balances in its pension benefit memo records: Fair…
A: Interest costs = Accrued benefit obligations x Discount rate = 3,200,000 x 9% = 288,000
Q: The following information is related to the defined benefit pension plan of Dreamworld Company for…
A: Interest cost = PBO, January 1 x Discount rate = 900000 x 10% = $90,000
Q: At the beginning of the current year, the memorandum records of A Company’s defined benefit plan…
A: Actual return on plan assets = Beginning Fair value of plan assets x actual return rate =…
Q: The following information is related to the defined benefit pension plan of Havana for the year:…
A: Pension Expense for the year = Service Cost + Interest Cost - Expected Return on Plan Assets
Q: Crane Company provides the following information about its defined benefit pe plan for the year…
A: A pension worksheet helps to know about the benefits or losses from the particular scheme. It is…
Q: On January 1, 2022, Seismic Slam Company had the following balances in its memorandum records: Fair…
A: A defined benefit plan is a sort of post-employment benefit that provides employees with a pension…
Q: Winner Company’s 2020 memorandum accounts shows the following balances in relation to its defined…
A: Net defined benefit liability:Net defined benefit liability denotes the deficit or surplus between…
Q: How much is service cost for the vear?
A: Service cost is the additions to the pension fund during the year for rendering services by the…
Q: At the beginning of the current year Paolo Co reported fair value of plan assets at P7,000,000 and…
A: Employee benefits expense are those expenses which involve the short term employee benefits like…
Q: At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan…
A: Other comprehensive income (OCI) is a term used in corporate accounting to describe revenues, costs,…
Q: Rachel current year: Fair value of plan assets-January 1 Projected benefit obligation-January 1…
A: IFRS 19 defines the scope for recognition of employee benefit asset and lability. It calculated as…
Q: Corporation established a defined benefit plan for its employees and provided the following…
A: The question is based on the concept of Employee Benefit Expenses. As per Bartleby guidelines we are…
Q: 8. Prepare journal entry to record the employee benefit expense. 19. Compute for the Fair Value Plan…
A: Project benefit Obligation-A projected benefit obligation (PBO) is an actuarial measurement of what…
Q: retirement benefit cost taken to profit or loss and to other comprehensive income, respectively?
A: The employee benefits expenses computed on the amount spend on by the entity in accordance with…
Q: What is the employee benefit expense?
A: Current service cost 1170000 Cutaiment loss/gain -260000 Net interest (1248000-936000] 312000…
Q: Following information is relevant to a defined benefit pension plan of PT XYZ for the year 2020:…
A: As per defined pension plan of PT XYZ pension expense is to be calculated by giving effects of…
Q: Strangers & Co. has gathered the following information for its defined benefit plan in 2020: ·…
A: Increase in Projected Benefit Obligation = Projected Benefit Obligation, 12/31/2020 - Projected…
Q: 13. The following information are taken from the actuarial valuation report for an entity's defined…
A: The defined benefit pension plan is a kind of pension plan and the main advantage of this plan is…
Q: At December 31, 2023, Crane Corporation provided you with the following information: Defined benefit…
A: net defined benefit liability/asset:Under the Accounting Standards for Private Enterprises (ASPE),…
Q: How much is the employee benefit expense taken to profit or loss during 2021?
A: Employee benefit expenses will include : 1. Current service cost 2. Past service cost 3. Net…
Q: Presented below is information related to Rip-Off Fuels Inc. for calendar year 2019. The corporation…
A: Opening Balance of Defined benefit obligation: $720,000 Past Service Costs: $10,000 Current Service…
Q: The following information on a de fined benefit plan is provided: FVPA, beg 2,800,000 PVOBO, beg…
A: Employees of the entity are given with a defined benefit plan after they have retired from service.…
Q: #14 Stefan company provided the following information in relation to a defined benefit plan for the…
A: Defined Benefit Plan A defined-benefit plan is an employer-sponsored retirement programme where…
Q: Fair value of plan assets 4,750,000 Unamortized past service cost 1,250,000 Projected benefit…
A: PAS 19 (Philippine Accounting Standards 19) pertains to employee benefits, including pensions,…
Q: How much is the retirement benefit expense taken to profit or loss for the year 2021?
A: Retirement benefit expense are those form of expenses being incurred by the owner or the employer…
E. Charlton Company provided the following information concerning a defined benefit plan at the beginning of
current year prior to the adoption of revised PAS 19:
Debit Credit
Fair value of plan assets 4,750,000
Unamortized past service cost 1,250,000
Projected benefit obligation 5,500,000
Unrecognized actuarial gain 850,000
The transactions for the current year relating to the defined benefit plan are as follows:
Current service cost 925,000
Discount
Actual return
Contribution to the plan 1,350,000
Benefits paid to retirees 995,000
Increase in projected benefit obligation due to changes in actuarial assumptions 150,000
Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the defined
benefit plan.
REQUIRED:
16. Determine the employee benefit expense for the current year.
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3.500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial 200,000 assumptions The defined benefit obligation at the end of the current year is O P10,500,000 P11,800,000 O P11,600,000 O P11,400,000The 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?16 The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 The following information for 2021 is also provided: Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% How much is the net prepaid/accrued defined benefit cost that was shown on December 31, 2020 balance sheet? Group of answer choices 400,000 accrued 346,000 prepaid 346,000 accrued 400,000 prepaid PreviousNext
- Analyzing Changes in Plan Assets and PBO The following information pertains to a company's defined benefit plan for the year. Balance Fair value of plan assets, Jan. 1 Fair value of plan assets, Dec. 31 Projected benefit obligation, Jan. 1 Net pension asset (liability), Dec. 31 Activity for the Year Actual return on plan assets $300 Contributions to plan assets 450 Service cost 500 $ 400 Discount rate 8% Expected rate of return on plan assets 7% Required a. Calculate benefits paid to retirees during the year. Note: Do not use a negative sign with your answer. Other $ Check X b. Calculate any actuarial gain or loss on the PBO for the year. Note: Use a negative sign to indicate a loss. $5,000 Dr. 5,625 Dr. 5,000 Cr. 200 Cr. xAnalyzing Changes in Plan Assets and PBO The following information pertains to a company’s defined benefit plan. Balance Fair value of plan assets, Jan. 1, 2020 $2,000 Dr. Fair value of plan assets, Dec. 31, 2020 2,250 Dr. Projected benefit obligation, Jan. 1, 2020 2,000 Cr. Net pension asset (liability), Dec. 31, 2020 80 Cr. Activity 2020 Actual return on plan assets $120 Contributions to plan assets 180 Service cost 200 Other Discount rate 8% Expected rate of return on plan assets 7% Required a. Calculate benefits paid to retirees in 2020. Note: Do not use a negative sign with your answer.$Answer b. Calculate any actuarial gain or loss on the PBO in 2020.Note: Use a negative sign to indicate a loss. $AnswerFountain Limited sponsors a defined-benefit pension plan for its employees. On January 1,2020 the followingbalances related to this planPlan Assets at fair value 450,000Defined Benefit Obligation 600,000As a result of the operations of the plan during 2020, the actuary provided the following additional data atDecember 31,2020. Service Cost for 2020 75,000Actual return on plan assets in 2020 45,000Past service cost, effective Jan 01 2020 120,000Contributions in 2020 115,000Benefits paid to retirees in 2020 70,000Discount Rate 8 %Average remaining service life of activeemployees35 yearsRequired:a. Compute pension expense for Howard Corp. for the year 2020 by preparing a pension worksheet. b. Prepare the journal entries relating to pension for the year 2020.
- An entity provided the following information for the current year: Current service cost 500,000 Past service cost during the year 300,000 Interest on PBO 600,000 Interest income on plan assets 350,000 Loss on plan settlement before normal retirement date 250,000 Present value of benefit obligation settled in advance 950,000 Actual return on plan assets 850,000 Actuarial loss on PBO during the year 200,000 Contribution to the plan 1,500,000 Benefits paid to retirees 1,000,000 Discount or settlement rate 10% What is the employee benefit expense for the current year?You gathered the following information related to Ashley Company's the defined benefit plan for the current year ended December 31: • Fair value of plan assets: P2,100 million at January 1, and P2,300 million at December 31 • Present value of obligation to provide benefits: P2,200 million at January 1, and P2,600 million at December 31 • Contributions paid to the fund: P80 million • Benefits paid to retired employees: P50 million The defined benefit cost for the year is O P200 million O P120 million P280 million O P250 millionE. Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED: 19. Compute for the Fair Value Plan Asset (FVPA) as of December 31.
- Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for 2021: Service cost Accumulated postretirement benefit obligation, January 1 Plan assets (fair value), January 1 Prior service cost-AOCI Net gain-AOCI (2021 amortization, $2) Retiree benefits paid (end of year) Contribution to health care benefit fund (end of year) Discount rate, 8% Return on plan assets (actual and expected), 10% Required: 1. Determine the postretirement benefit expense for 2021. 2. Prepare the appropriate journal entries to record the (a) postretirement benefit expense, (b) funding, and (c) retiree benefits for 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the postretirement benefit expense for 2021. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) Postretirement benefit expense ($ in thousands) $ ($ in thousands) $ 136 700 30 none 100 88 200The following information relates to the defined retirement benefit plan of Integrity Company as of December 31, 2021: Net actuarial gain due to remeasurement of benefit obligation and plan assets taken to OCI - P123,000 Prior service cost due to amendment of plan included in retirement benefit expense - P443,000 Fair value of plan assets - P2,557,000 Accrued benefit obligation - P2,800,000 What amount should be shown in the statement of financial position at December 31, 2021 as Prepaid or Accrued Retirement Benefit Cost? a. P243,000 accrued b. P563,000 accrued c. P323,000 prepaid d. P77,000 prepaid15 The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 The following information for 2021 is also provided: Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% What are the balances of Benefit Obligation and Plan Asset at December 31, 2021? Group of answer choices 3,184,000 3,730,000 3,384,000 3,730,000 3,384,000 3,700,000 3,184,000 3,700,000
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)