hi expert please help me Kaplan Services Company (KSC) has 62employees, 33 of whom are assigned toDivision A and 29 to Division B. KSC incurred$377,580 of fringe benefits cost during 2014.RequiredDetermine the amount of the fringe benefitscost to be allocated to Division A and toDivision B.

Step 1: Definition of Fringe Benefit CostFringe benefit cost refers to additional compensation…

Answered: Kaplan Services Company (KSC) has 62…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 6P

See similar textbooks

Similar questions

Can you help me with accounting questions
Bartels Banana Company sponsors a defined contribution plan that provides a base contribution of 12.3% of employee compensation. Assuming the integration level equals the Social Security taxable wage base, what is the maximum excess percentage allowed under the permitted disparity rules? A) 25.0%B) 18.0%C) 12.3%D) 5.7%
Determine a and b accounting
Summit Consulting Group (SCG) has 85 employees, 42 of whom are assigned to Department X and 43 to Department Y. SCG incurred $529,550 of health insurance costs during 2025. Required: Determine the amount of the health insurance costs to be allocated to Department X and to Department Y.
S Inc follows ASPE but is planning to switch to IFRS in 2022. Beginning defined benefit obligation (DBO) balance on January 1, 2021 is $1,136. The plan is underfunded by 60% of this amount and the regulatory agencies consider this to be quite heavily underfunded. Past service costs were recorded on January 1, 2021. (The amount is to be determined). The current service costs for 2021 amounted to $280. The plan uses an interest rate of 8%. We recorded an interest expense of $104.48 for 2021. Our investments of the plan assets did very poorly earning only $26.356 on our plan assets in 2021. The corporate pension committee overseeing the plan operations had decided to fund an amount of $70 in addition to our normal annual contributions which we make as per our corporate policy. The company normally contributes 5% of the plan obligations existing at the beginning of the year plus 50% of the current service costs and 60% of any past service costs recorded during the year. Benefit payments…
Karlson Software Company is located in State H, which enables employers to reduce their contribution rates under the experience-rating system. From 2007 to 2016, inclusive, the company's total contributions to state unemployment compensation amounted to $14,695. For the calendar years 2017 to 2020, inclusive, the contribution rate for Karlson was 2.7%. The contributions of each employer are credited to an account maintained by the State Unemployment Compensation Commission. This account is credited with contributions paid into the account by the employer and is charged with unemployment benefits that are paid from the account. Starting January 1, 2021, the contributions rate for all employers in State H will be based on the following tax rate schedule: Reserve Ratio Contribution Rate Contributions falling below benefits paid 7.0% 0.0% to 7.9% 5.5% 8.0% to 9.9% 4.5% 10.0% to 11.9% 3.5% 12.0% to 14.9% 2.5% 15.0% or more 1.5% The annual payroll for calculation purposes…
At January 1, 2020, Blossom Corporation had plan assets of $258,000 and a defined benefit obligation of the same amount based on projected costs. During 2020, the current service cost was $28,050, the discount rate on the DBO and plan assets was 10%, actual return on plan assets was $31,850, contributions by Blossom were $20,550, benefits paid were $17,500, and the cost of past service benefits granted effective December 31, 2020, was $29,000.Prepare a pension work sheet for Blossom Corporation for 2020 assuming that Blossom follows IFRS.
At the beginning of current year, De Guzman Company reported the following information in relation to a defined benefit plan: Fair value of plan assets - 7,000,000 Projected benefit obligation - 7,500,000 During the current year, the entity determined that the current service cost was 1,400,000 and the discount rate is 10%. The actual return on plan assets during the year was 840,000. Other related information for the current year: Contribution to the plan - 1,200,000 Benefits paid to retirees - 1,500,000 Decrease in projected benefit obligation due to changes in actuarial assumptions - 200,000 Present value of defined benefit obligation settled - 500,000 Settlement price of defined benefit obligation- 400,000 1. What amount should be reported in the income statement for the current year as employee benefit expense? 2. What is the net amount of remeasurements on Dec 31? 3. What is the fair value of plan assets kn Dec 31? 4. What is the projected benefit obligation on Dec 31?…
Applebaum Security Company is located in State H, which enables employers to reduce their contribution rates underthe experience-rating system. From 2005 to 2014, inclusive, the company’s total contributions to state unemployment compensation amounted to $18,135. For the calendar years 2015 to 2018, inclusive, the contribution rate for Applebaum was 3.7%. The contributions of each employer are credited to an account maintained by the State UnemploymentCompensation Commission. This account is credited with contributions paid into the account by the employer and ischarged with unemployment benefits that are paid from the account. Starting January 1, 2019, the contributions ratefor all employers in State H will be based on the following tax rate schedule:Reserve Ratio Contribution RateContributions falling below benefits paid....................... 7.0%0.0% to 7.9%................................................................ 5.5%8.0%…
Given the following information for current fiscal year
Lewis, a public limited company, has a defined benefit plan for its employees. The present value of the future benefit obligations at 1 January 20X7 was $1,120 million and the fair value of the plan assets was $1,040 million. Further data concerning the year ended 31 December 20X7 is as follows: $m Current service cost 76 Benefits paid to former employees Contributions paid to plan 88 94 Present value of benefit obligations at 31 December Fair value of plan assets at 31 December 1,222 1,132 As valued by professional actuaries Interest cost (gross yield on 'blue chip' corporate bonds): 5% On 1 January 20X7 the plan was amended to provide additional benefits with effect from that date. The present value of the additional benefits at 1 January 20X7 was calculated by actuaries at $40 million. Required Prepare the required notes to the statement of profit or loss and other comprehensive income and statement of financial position for the year ended 31 December 20X7. Assume the contributions…
Determine whether each of the following independent statements best applies to a defined contribution plan (DCP), a defined benefit plan (DBP), both (B), or neither (N). The amount to be received at retirement depends on actuarial calculations. 2. Forfeitures can be allocated to the remaining participants’ accounts. 3. Requires greater reporting requirements and more actuarial and administrative costs. 4. May exclude employees who begin employment within five years of normal retirement age. 5. Annual addition to each employee’s account may not exceed the smaller of $57,000 or 100% of the employee’s salary. 6. The final benefit to a participant depends upon investment performance.

SEE MORE QUESTIONS

Recommended textbooks for you

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

PAYROLL ACCT., 2019 ED.(LL)-TEXT

Accounting

ISBN:

9781337619783

Author:

BIEG

Publisher:

CENGAGE L

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

PAYROLL ACCT., 2019 ED.(LL)-TEXT

Accounting

ISBN:

9781337619783

Author:

BIEG

Publisher:

CENGAGE L

SEE MORE TEXTBOOKS

Kaplan Services Company (KSC) has 62 employees, 33 of whom are assigned to Division A and 29 to Division B. KSC incurred $377,580 of fringe benefits cost during 2014. Required Determine the amount of the fringe benefits cost to be allocated to Division A and to Division B.