Information on an entity's plan assets is as follows:Fair value of plan assets, Jan 1234,000ofFair value of plan assets, Dec 31299,000Contributions to the retirement fund during the120,000tionyearBenefits paid to retirees79,000Actuarial loss12,000Discount rate10%How much is the return on plan assets during the year?O 24,000O 29,400O 37,400O 23,400

Formula: Ending fair value of plan assets = Beginning fair value of assets + Contributions + Actual…

Information on an entity's plan assets is as follows: Fair value of plan assets, Jan 1 234.000 Fair value of plan assets, Dec 31 299.000 Contributions to the retirement fund during the 120.000 year Benefits paid to retirees 79,000 Actuarial loss 12.000 Discount rate 10% How much is the return on plan assets during the year? O 24.000 O 29,400 O 37,400 O 23,400

Information on an entity's plan assets is as follows: Fair value of plan assets, Jan 1 234.000 Fair value of plan assets, Dec 31 299.000 Contributions to the retirement fund during the 120.000 year Benefits paid to retirees 79,000 Actuarial loss 12.000 Discount rate 10% How much is the return on plan assets during the year? O 24.000 O 29,400 O 37,400 O 23,400

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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Concept explainers

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.

Question

Information on an entity's plan assets is as follows:
Fair value of plan assets, Jan 1
234,000
of
Fair value of plan assets, Dec 31
299,000
Contributions to the retirement fund during the
120,000
tion
year
Benefits paid to retirees
79,000
Actuarial loss
12,000
Discount rate
10%
How much is the return on plan assets during the year?
O 24,000
O 29,400
O 37,400
O 23,400

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