Prepare the Revenue Account and Balance sheet for the year ended 31-3-2020 after taking in consideration the following detail Other Information: (a) Claims outstanding OMR 10,000 (b) Further bonus in reduction of premium OMR 5,000 (c) Premium outstanding OMR 5,000 (d) Claims covered under reinsurance OMR 80,000 (e) Management expenses due OMR 30,000 Problem 3. From the following particulars of Baldwin Insurance Company, prepare Income Statement and Balance Sheet Particulars Debit Credit Premiums less re- 200,000 insurance Claims less re-insurance 100,000 Share Capital 200,000 Salaries to employees 50,000 Bonus to policy holders 50,000 Audit fees 10,000 Repairs and Rent 5,000 Depreciation 5,000 Commission income 50,000 Furniture 30,000 Agents balances 50,000 Investments 100,000 Premises 45,000 Loans to other insurance 5,000 companies Total 450,000 450,000

Prepare the Revenue Account and Balance sheet for the year ended 31-3-2020 after taking in consideration the following detail Other Information: (a) Claims outstanding OMR 10,000 (b) Further bonus in reduction of premium OMR 5,000 (c) Premium outstanding OMR 5,000 (d) Claims covered under reinsurance OMR 80,000 (e) Management expenses due OMR 30,000 Problem 3. From the following particulars of Baldwin Insurance Company, prepare Income Statement and Balance Sheet Particulars Debit Credit Premiums less re- 200,000 insurance Claims less re-insurance 100,000 Share Capital 200,000 Salaries to employees 50,000 Bonus to policy holders 50,000 Audit fees 10,000 Repairs and Rent 5,000 Depreciation 5,000 Commission income 50,000 Furniture 30,000 Agents balances 50,000 Investments 100,000 Premises 45,000 Loans to other insurance 5,000 companies Total 450,000 450,000

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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Subject : Accounting
Refer to the situation described below Assume Electronic Distribution prepares its financial statements according to IFRA. Also, assume that 10% is the current interest rate on high- quality corporate bonds. Sin millions PBO balance January 1 480 Plan assets balance January 1 300 Service cost 75 Interest cost 45 Gain from change in an actuarial assumption 22 Benefits paid (36) Actual return on plan assets 20 Contributions 2021 60 Calculate the net pension cost for 2021, separating its components into appropriate categories for reporting. Prepare the journal entries to record (a) the components of net pension cost, (b)gains or losses, (c) past service cost, (d) funding, and (e) payment of benefits for 2021. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability?
Subject: acounting
The following data are for the pension plan for the employees of Carla Vista Company. Accumulated benefit obligation Projected benefit obligation Plan assets (at fair value) AOCL - net loss Settlement rate (for year) Expected rate of return (for year) 1/1/20 $5200000 $540000. $344000. $410000. $444000. 5430000 4610000 The actual return on plan assets in 2021 was 12/31/20 $ 5300000 5710000 6220000 956000 11% 9% 12/31/21 $6830000 7650000 6760000 1120000 9% Carla Vista's contribution was $860000 in 2021 and benefits paid were $764000. Carla Vista estimates that the average remaining service life is 15 years. 8%
Items Balance, Jan. 1, 2025 (a) Service Cost (b) Interest Cost (c) Actual Return (d) Contributions (e) Benefits Journal Entry for 2025 Balance, Dec. 31, 2025 The service cost for 2025 is O $115000. O $6000. O $37000. O $38000. Annual Pension Expense ?? dr 15000 dr General Journal Entries 16000 cr $37000 Pharoah Corporation Pension Worksheet Cash $37000 cr ?? Show Transcribed Text Pension Asset/ Liability ?? Memo Record Projected Benefit Obligation $115000 cr $115000 dr ?? Plan Assets ??
6.Please answer all the tables in their entirely
Cullumber Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2025 in which no benefits were paid. 1. 2. 3. 4. The actuarial present value of future benefits earned by employees for services rendered in 2025 amounted to $55,700. The company's funding policy requires a contribution to the pension trustee amounting to $144,323 for 2025. As of January 1, 2025, the company had a projected benefit obligation of $894,700, an accumulated benefit obligation of $792,500, and a debit balance of $402,000 in accumulated OCI (PSC). The fair value of pension plan assets amounted to $601,400 at the beginning of the year. The actual and expected return on plan assets was $54,300. The settlement rate was 9%. No gains or losses occurred in 2025 and no benefits were paid. Amortization of prior service cost was $49,800 in 2025. Amortization of net gain or loss was not required in 2025.
The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below: Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235 Prepare in good form a classified statement of financial position for Palm Realtors Ltd as at December 31, 2019,
Based upon this information, how would I make the following journal entries? Record annual pension expense. Record the change in plan assets. Record the change in the PBO. Record the cash contribution to plan assets. Record the retiree benefits paid.
Guidelines: Construct a statement of comprehensive income for the years 2019 and 2020. Given is the 2-period Adjusted Trial Balance
A company that sponsors a defined benefit plan records an entry to debit OCI-Pension Gain/Loss for $5,000 and credit Plan Assets. The company uses the corridor approach to amortize Accumulated OCI-Pension Gain/Loss. This entry indicates that Select one: O a. The expected return on plan assets exceeded actual return on plan assets. O b. The actual return on plan assets exceeded the expected return on plan assets. O c. The beginning balance in Accumulated OCI-Pension Gain/Loss exceeded the corridor. O d. The beginning balance in Accumulated OCI-Pension Gain/Loss did not exceed the corridor. e. a and c f. b and d OO
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