Which of the following insurance carners are required to particapata in lilinos Workers' Compunsation Assigned Risk Poo?OAAll companies authorized to wrde insurance in linoisOnly the 10 companies that wite the rnosl Workers' Compensation policies in IlinoisAll companies licensed lo write Workers' CompensationODAll companies writing over $1,000,000 in annual premiums

Which of the following insurance carners are required to particpata in lilinos Warkers Compansation Assigned Risk Poo? OA All companies authorized to wrde insurance in lilinois Only the 10 companies that wnte the rnosl Workers' Compensation policies in IlinoIS All companies licensed o write Workers' Compensation OD All companies writing over $1,000,000 in annual premiums

Which of the following insurance carners are required to particpata in lilinos Warkers Compansation Assigned Risk Poo? OA All companies authorized to wrde insurance in lilinois Only the 10 companies that wnte the rnosl Workers' Compensation policies in IlinoIS All companies licensed o write Workers' Compensation OD All companies writing over $1,000,000 in annual premiums

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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How do I go about calculating pension payouts to determine a company's financial obligation? Additional info is below: Postretirement BenefitsPeyton Approved has revised its postretirement plan. It will now provide health insurance to retired employees. Management has requested that you report the short- and long-term financial implications of this. The company is currently employing 60, and actuaries estimate that the company has a pension liability of $107,041.70. The estimated cost of retired employees’ health insurance is $43,718.91. Prepare adjusting entries for the pension liability and the health insurance liability
The following information related to Company DDD's pension plan: Plan asset, January 1, 20x8 Defined benefit obligation, January 1, 20x8 Average remaining working life of employees at January 1, 20x8 Service cost for 20x8 Discount rate at January 1, 20x8 Expected return on plan asset at January 1, 20x8 Remeasurement loss arising in 20x8 Past service cost Vesting period for past service cost 2. P950,000 1,000,000 10 years 90,000 10% 100,000 15,000 30,000 2 years What amount of defined benefit cost should be recognized during 20x8?
A6
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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
Determine the labor burden for an employee given the information in Table below. Assume the employee takes full advantage of the 401k benefit. Employer provides health insurance $100 a month, and employee doesn't pay for health insurance. Cost $85,000 None Item Wages Bonus Allowances Medicare Social Security FUTA None 1.45% of wages SUTA Workers' Comp. General Liability 401(k) Health Insurance 6.2% of wages to $128,700 0.6% of wages to $7,000 |2.0% of wages to $20,000 $0.85 per $100 of wages 0.65% of wages 50% match up to 6% of wages |$200/month
Exercise 17-25 (Algo) Postretirement benefits; determine APBO, service cost, interest cost; prepare journal entry [LO17-10, 17-11] The following data are available pertaining to Household Appliance Company's retiree health care plan for 2024: Number of employees covered Years employed as of January 1, 2024 Attribution period 2 2 [each] 25 years Expected postretirement benefit obligation, January 1 Expected postretirement benefit obligation, December 31 Interest rate Funding Required: 1. What is the accumulated postretirement benefit obligation at the beginning of 2024? $ 56,000 $ 58,800 5% none
The following information relates to the pension plan for the employees of Oriole Co.: 1/1/20 12/31/20 12/31/21 Accum. benefit obligation $ 9540000 $ 9960000 $ 12900000 Projected benefit obligation 10065000 10758000 14307000 Fair value of plan assets 9225000 11220000 12354000 AOCI – net (gain) or loss -0- (1542000 ) (1710000 ) Settlement rate (for year) 10% 10% Expected rate of return (for year) 7% 6% Oriole estimates that the average remaining service life is 16 years. Oriole's contribution was $1353000 in 2021 and benefits paid were $1017000.The corridor for 2021 is $673200. $1430700. $1122000. $858420.
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D. The choices are overestimate the pension assets return overestimated the pension liability underestimate the pension assets return underestimated the pension liability
ssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3false 142 Upd The Data Company employs John and Jesse. John has worked for Data for 4 years, whereas Jesse has worked for the company for only 18 months. Both are 27 years old. I. John must be eligible to participate in Data's qualified pension plan. II. Jesse must be eligible to participate in Data's qualified pension plan. Oa. Only statement II is correct. Ob. Only statement I is correct. Oc. Both statements are correct. Od. Neither statement is correct. Previous Next