Question: 56-38 Michelle joined Avion Electronics in April 1981. Her employment was terminated on November 30, 2020 and she was paid a $58,000.00 retiring allowance Michelle joined her company's pension plan in 1987 and was fully vested on termination of employment. Calculate the non-eligible portion of the retiring allowance

Question: 56-38 Michelle joined Avion Electronics in April 1981. Her employment was terminated on November 30, 2020 and she was paid a $58,000.00 retiring allowance Michelle joined her company's pension plan in 1987 and was fully vested on termination of employment. Calculate the non-eligible portion of the retiring allowance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

10. Newton Inc offers its employees a defined benefit pension plan. Newton Inc reports under US GAAP. It records actuarial gains and losses in Other Comprehensive Income (OCI) and amortizes these amounts over the average remaining service life of its employees when they exceed a threshold. Newton Inc did not record any past service cost in fiscal year 2021. Below you can find excerpts from Newton's pension footnotes: 4+1 f Service cost Interest cost Expected return on plan assets Actual return on plan assets Contributions to defined benefits plan Benefits paid Pension liability Accumulated OCI losses related to defined benefit plans a. £6,950 b. £6,600 c. £6,250 d. £8,150 e. None of the above 2020 £3,300 £1,600 £2,100 £1,900 £2,000 £1,250 What is your best approximation of the net pension expenses recorded in P&L related to defined benefit plans in fiscal year 2021? ANSWER: C £35,000 £4,500 2021 £3,500 £1,750 £1,900 £2,000 £2,100 £1,350 £42,500 £5,100
Mr. X was an employee with the following information from his employment in 2020. Salaries and wages - $27,000 RRSP contribution in 2020 - $5,500 Membership dues paid by Mr. X - $500 Calculate Mr. X's the net employment income for 2020? Question 7 options: a) $21,500 b) $27,500 c) $21,000 d) $27,000
Melanie bolar 62 will use the filing single status he adjust gross income xuring the year was 35000. She would like to itemize the deduction when she filies her 2020 federal . To seek relief from a medical during the year dhe inccured the following trip related 90 for a room 1 night,80 for non hospital meals while she was away, 500 miles driving her own vichele.she is not eligible for employer sponsored insurance. Her other expenses include 2200 net out of pocket health insurance paid with after tax dollar,1300 prescription 350 in co pay to jer doctor, 300 for new glasses 600 for basic dental services. What amount should she enter for total medical insurance and what amount can she deduct for eligie medical and dental expenses?
None
None
Question 8 Jerrod Smith's gross earnings this pay period were $1350. Jerrod is paid weekly and he is single with 2 withholding allowances. His year-to-date is $59,875. Find his social security, medicare, and federal income tax deduction for this pay period.
QUESTION 3 Bacon Bad is a national diner that has set up a defined benefit pension plan for its employees. The company uses IFRS and has provided you with the following information pertaining to its pension plan: Pension obligation, December 31,2021 - $6854203 Plan assets, December 31, 2021 - $5906519 Interest rate on pension obligations - 3% Current service cost for the year (accrued at the end of the year) - $598059 Improvement in pension plan, effective on January 1, 2022 - $62000 Actuarial gain on change in assumptions - $0 Expected retum on plan assets -3% of plan assets Actual return on plan assets - $271186 Amounts remitted by employer to pension trust on January 1,2022 - $668416 Payments we do not need payment to retiree
None
Do not give solution in image
7
ONLY TYPED SOLUTION