Information about the defined benefit plan of the company is shown belowFair value on plan asset, January 1, 2021 3,000,000Contribution to the fund 1,500,000Return on plan assets 160,000Defined benefit liability. December 31, 2021 410,000Defined benefit obligation, December 31, 2021 4,550,000What is the balance of the fair value on plan asset as of December 31, 2021?

Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…

A: Paytm treatment cost is the gap between the market price of assets held and the defined benefit…

Q: What is the present value of benefit obligation as of Dec 31, 20x8?

A: The present value of benefit obligation (PBO) is a financial measure used in pension accounting to…

Q: Information about the defined benefit plan of the company are shown below Defined benefit…

A: Settelment cost = Defined benefit obligation, January 1, 2021 x Discount rate = 5,500,000 x 5% =…

Q: Under a defined-benefit plan, a company has an unexpected gain of $902,000 due to plan asset…

A: Given, Under defined benefit plan, Unexpected gain = $902000

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: 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: As of December 31, 2020, the projected benefit obligation and plan assets of a noncontributory…

A: Funded status = Plan assets at fair value - Projected benefit obligation

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: Information regarding define benefit plan as of December 31, 200315/as follows: Fair value of plan…

A: Pension is defined as the fund collected from the taxpayer or employee during his term of…

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 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 memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…

A: Change in return on plan assets=Actual return on plan assets-Fair value of plan assets×Discount…

Q: Given the following items and amounts, compute the actual return on plan assets: fair value of plan…

A: Actual return on plan assets = Fair value of plan assets at the end + Benefit paid - Contribution…

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: 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: Projected benefit obligation 5,500,000 Unrecognized actuarial gain 850,000 The transactions for the…

A: The practice of assessing a long-term amount reliability or foreign exchange in a financial…

Q: On January 1, 2020, FB Company had the following data in connection with its defined benefit plan:…

A: Interest = Beginning  Defined benefit obligation x Discount rate = P7,500,000 x 10% = P750,000

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: 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: An entity provided the following information for the current year: Current service cost 500,000 Past…

A: Plan assets are the assets that are held within the retirement and they are used to generate a…

Q: Calculate the amount that J&J’s retirement fund obligations are underfunded as of each year-end. How…

A: Asset retirement obligation (ARO) is an obligation that arises on the acquisition of some specific…

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: 1. How much is the defined benefit cost taken to profit or loss for the year 2020? 2. How much is…

A: Current Service cost shall increase with the increase in the present value of defined benefit…

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…

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 cost = P11,000,000  x 10% = 110,000…

Q: Determine the employee benefit expense for the current year.

A: Employee benefits refer to all forms of compensation (cash/non-cash) paid by an employer to employee…

Q: The following information is made available in relation to the defined benefit plan of Marcos…

A: RECONCILITION OF PLAN ASSETS        PARTICULARS PLAN ASSETS FOR YEAR 2022   FAIR VALUE AS ON…

Q: On December 31, 2020, ABC Company had the following balances in its memorandum records related to…

A: Interest costs = Benefit Obligation, December 31, 2020, x discount rate = P12,000,000 x 12% =…

Q: Required: Calculate the value that will be given to the next plan asset under IAS19

A: Net Defined Benefit Liability(Asset)-The net defined benefit liability (asset) is the deficit or…

Q: 16 The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…

A: Calculation of Net prepaid/ accrued defined benefit cost: Particulars Amount Defined Benefit…

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.