For 2022, the maximum deductible and annual out-of-pocket expenses for family coverage on a high deductible health plan for a Health Savings Account is:
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For 2022, the maximum deductible and annual out-of-pocket expenses for family coverage on a high deductible health plan for a Health Savings Account is:
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- Based upon this information, how would I make the following journal entries? Record annual pension expense. Record the change in plan assets. Record the change in the PBO. Record the cash contribution to plan assets. Record the retiree benefits paid.The following information relates to the pension plan for the employees of Blossom Co.: Accum, beneht obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) 1/1/20 The corridor for 2021 is $10240000 10765000 9925000 -0- 12/31/20 $10660000 11458000 11920000 (1612000) 9% 9% 12/31/21 $ 13600000 15007000 13054000 (1780000) 9% 8% Blossom estimates that the average remaining service life is 16 years. Blossom's contribution was $1423000 in 2021 and benefits paid were $1087000.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 88 200
- Evan had three accounts as listed below. In 2020, how much was his total insurance coverage by the FDIC? • Bank A: $110,000 Bank B: $80,000 • Bank C: $315,000 Multiple Choice O $110,000 $190,000 O $315,000In accounting for a defined-benefit pension plan __the expense recognized each period is equal to the cash contribution. ___the liability is determined based upon known variables that reflect future salary levels promised to employees. __the employer's responsibility is simply to make a contribution each year based on the formula established in the plan. __an appropriate funding pattern must be established to ensure that enough monies will be available at retirement to meet the benefits promised.The following information relates to the pension plan for the employees of Cullumber Company: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) The corridor for 2026 is 1/1/25 $1102000. $1073600. $1410700. $1212200. $9340000 9865000 9025000 0 12/31/25 $9760000 10558000 11020000 (1522000) 11% 8% 12/31/26 $12700000 14107000 12154000 (1690000) 11% Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $1323000 in 2026 and benefits paid were $987000. 7%
- At January 1, 2025, Crane Company had plan assets of $254,500 and a projected benefit obligation of the same amount. During 2025, service cost was $26,600, the settlement rate was 10%, actual and expected return on plan assets were $24,500, contributions were $20,800, and benefits paid were $16,800. Prepare a pension worksheet for Crane for 2025.Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows: ($ millions) $470 300 PBO balance, January 1 Plan assets balance, January 1 Service cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2024 The expected long-term rate of return on plan assets was 6%. There were no AOCI balances related to pensions on January 1, 2024, but at the end of 2024, the company amended the pension formula, creating a prior service cost of $12 million. Required: 1. Calculate the pension expense for 2024. 2. Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2024. 3. What amount will Electronic Distribution report in its 2024 balance sheet as a net pension asset or net pension liability? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3…Pension data for Sterling Properties include the following: Service cost, 2021 Projected benefit obligation, January 1, 2021 Plan assets (fair value), January 1, 2021 Prior service cost-AOCI (2021 amortization, $8) Net loss-AOCI (2021 amortization, $1) Interest rate, 8% Expected return on plan assets, 12% Actual return on plan assets, 13% Service cost Interest cost Required: Determine pension expense for 2021. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) Pension Expense Expected return on plan assets Amortization of prior service cost Amortization of net loss Pension expense $ ($ in thousands) $ 117 0 600 700 87 108
- (Computation of Actual Return) Gingrich Importers provides the following pension plan information. Check the below image for information. InstructionsFrom the data above, compute the actual return on the plan assets for 20173. St. Joseph’s Hospital began operations in December 2023 with patient service revenues totaling $980,000 (based on customary rates) for the month. Of this, $207,000 is billed to patients, representing their insurance deductibles and copayments. The balance is billed to third-party payors, including insurance companies and government health care agencies. St. Joseph’s estimates that 20 percent of these third-party payor charges will be deducted by contractual adjustment. The hospital’s fiscal year ends on December 31. Required: Prepare the journal entries for December 2023. Assume 15 percent of the amounts billed to patients will be reduced through implicit price adjustments. Prepare the journal entries for 2024 assuming the following: $102,000 is collected from the patients during the year, and $9,800 of price adjustments are granted to individuals. Actual contractual adjustments total $157,000. The remaining receivable from third-party payors is collected. Note: For all…Under the SECURE Act 2.0, eligible employees would be automatically enrolled in a 401(k) retirement plan at what initial rate? 1%. 2%. 3%. 4%.
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