Financial Accounting 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: Define Fringe Benefit CostIt is the percentage of perquisites paid to the wages to an…

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

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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…
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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.