Answered: following pension plan information is…

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 following pension plan information is for Jin Company at December 31, 2018.

Defined benefit obligation------------------ P8,400,000

Plan assets (at Fair value)---------------------6,150,000

Past service costs------------------------ 540,000

Pension expense for 2018---------------- 3,000,000

Contribution for 2018-------------------- 2,400,000

The amount reported as the liability for pensions on the December 31, 2018 balance sheet was:

a. P2,250,000

b. P1,950,000

c. P1,710,000

d. P1,050,000

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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