Jeff Irvin Company provided the following information for the current year:Current service cost500,000Interest on PBO600,000Interest income on plan asset350,000Loss on settlement250,000Past service cost during the year300,000Actual return on plan asset850,000Actuarial loss during the year200,000Contribution to the plan1,500,000What is the employee benefit expense for the current year?O 1,300,000O 1,050,000O 1,500,000O 1,100,000

Employee benefit expenses are those expenses which are related with providing benefits to the…

Answered: Jeff Irvin Company provided the…

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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During the year 2019, Height Cons began work on a contract for 3,700,000. Costs incurred during the year 1,800,000. Estimated costs to complete as of December 31= 1,200,000 Billings during the year1,650,000 Collections during the year 975,000 It uses the percentage-of-completion method. Find reporting gross profit?
M Service Co. reported the following for its defined-benefit pension plan for 2020: Service cost $600,000 Actual return on plan assets 460,000 Benefits paid to retirees 418,000 Cash contributions made by M to the pension plan 100,000 Settlement rate 4% Expected rate of return on plan assets 7% Average…
The following information is related to the defined benefit pension plan of Dreamworld Company for the year: Service cost $60,000 Contributions to pension plan 110,000 Benefits paid to retirees 150,000 Plan assets (fair value), January 1 640,000 Plan assets (fair value), December 31 750,000 Actual return on plan assets 150,000 PBO, January 1 900,000 PBO, December 31 960,000 Discount rate 10 Long-term expected return on plan assets 9. Assuming no other relevant data exist, what is the pension expense for the year? 1. A) $190,00O. 2. B) $92,400. 3. C) $60,000. 4. D) $170,000.
The following information on a defined benefit plan is provided: FVPA, beg 2,800,000 PVOB0, beg 2,200,000 current Service Cost 960,000 Past service cost (vesting for 5 years) 600,000 Benefits Paid 420,000 Return on Plan Assets 600,000 Contributions to the Plan 1,820,000 Increase due to Actuarial Assumptions 240,000 Expected Rate of Returm 12% Discount Rate 10% The present value of economic benefits available in the form of refunds from the plan are 400,000 and 800,000, at the beginning and ending of the period. What amount of de fined benefit cost is presented in OCI?
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What is the taxable compensation income of an employee who received the following: Gross compensation income, before P44,000 Contribution to SSS, PHIC and HDMF... Additional compensation income.. 13h month pay and other benefits. ..P1,068,000 45,000 89,000
#14Stefan company provided the following information in relation to a defined benefit plan for thecurrent year:January 1 December 31Fair value of plan assets 1,300,000 1,500,000Projected benefit obligation 1,000,000 1,050,000Prepaid/accrued benefit cost-surplus 300,000 450,000Asset ceiling 100,000 150,000Effect of asset ceiling 200,000 300,000Current service cost 50,000Contribution to the plan 175,000Benefits paid 75,000Discount rate 10%What is the net remeasurement loss for the current year? 85,000 pls provide solution for this answer
The following information is related to the defined benefit pension plan of Avalanche Corporation for the year: Service cost $ 62,000 Contributions to pension plan 118,000 Benefits paid to retirees 156,000 Plan assets (fair value), January 1 641,000 Plan assets (fair value), December 31 758,000 Actual return on plan assets 155,000 PBO, January 1 925,000 PBO, December 31 923,500 Discount rate 10 % Long-term expected return on plan assets 9 % Assuming no other relevant data exist, what is the pension expense for the year? Multiple Choice $62,000. $89,810. $96,810. $154,500.
Brown Corp sponsors a defined benefit pension plan for its employees. On Jan 1, 2021, the following balances relate to this plan: Plan asset $471,000 Projected benefit obligation 618,600 Pension asset/liability 147,600 Accumulated OCI (PSC) 101,300 Dr. As a result of the operation of the plan during 2021, the following additional data are provided: Service cost Settlement rate, 8% $93,100 Actual return on plan assets 56,300 Amortization of prior service cost 18,200 Expected return on plan assets 53,500 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions Contributions Benefits paid retirees 74,700 101,600 82,700 What is the pension expense Brown should debit in 2021: $100,402 $97,068 $110,372 $107,288
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On January 1, Year 1, a company had plan assets of $309,510 and a defined benefit obligation of the same amount based on projected costs. During Year 1, the current service cost was $34,100, the discount rate on the DBO and plan assets was 10%, actual return on plan assets was $37,070, contributions by the company into the plan were $24,670, benefits paid were $21,700, and the cost of past service benefits granted effective December 31, Year 1, was $35,890. What is the pension expense for Year 1 assuming IFRS?
Employee benefits

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