Projected benefit obligation (PBO) : This is the estimated present value of future retirement benefits, accumulated based on the future compensation levels. To determine : PBO as at December 31, 2018 for L Industries

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Answer 1

Question

Chapter 17, Problem 17.13P

(1)

To determine

Projected benefit obligation (PBO): This is the estimated present value of future retirement benefits, accumulated based on the future compensation levels.

To determine: PBO as at December 31, 2018 for L Industries

(2)

To determine

Plan assets: The assets which are used to satisfy the postretirement obligation, are held as a pension fund by the trustee, to invest the employer contributions, accumulate the earnings on investments, and pay the contributions plus earnings to the retired employees, are referred to as plan assets.

To determine: Plan assets as at December 31, 2018 for L Industries

(3)

To determine

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

Pension expense includes the following components:

Service cost

Interest cost

Expected return on plan assets

Amortization of prior service cost

Amortization of net loss or net gain

To determine: Pension expense as at December 31, 2018 for L Industries

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Activity Based Costing - practice problem Fontillas Instrument, Inc. manufactures two products: missile range instruments and space pressure gauges. During April, 50 range instruments and 300 pressure gauges were produced, and overhead costs of $89,500 were estimated. An analysis of estimated overhead costs reveals the following activities. Activities 1. Materials handling 2. Machine setups Cost Drivers Number of requisitions Number of setups Total cost $35,000 27,500 3. Quality inspections Number of inspections 27,000 $89.500 The cost driver volume for each product was as follows: Cost Drivers Instruments Gauge Total Number of requisitions 400 600 1,000 Number of setups 200 300 500 Number of inspections 200 400 600 Insructions (a) Determine the overhead rate for each activity. (b) Assign the manufacturing overhead costs for April to the two products using activity-based costing.

Bodhi Company has three cost pools and two doggie products (leashes and collars). The activity cost pool of ordering has the cost drive of purchase orders. The activity cost pool of assembly has a cost driver of parts. The activity cost pool of supervising has the cost driver of labor hours. The accumulated data relative to those cost drivers is as follows: Expected Use of Estimated Cost Drivers by Product Cost Drivers Overhead Leashes Collars Purchase orders $260,000 70,000 60,000 Parts 400,000 300,000 500,000 Labor hours 300,000 15,000 10,000 $960,000 Instructions: (a) Compute the activity-based overhead rates. (b) Compute the costs assigned to leashes and collars for each activity cost pool. (c) Compute the total costs assigned to each product.

Answer 2

Question

Chapter 17, Problem 17.13P

(1)

To determine

Projected benefit obligation (PBO): This is the estimated present value of future retirement benefits, accumulated based on the future compensation levels.

To determine: PBO as at December 31, 2018 for L Industries

(2)

To determine

Plan assets: The assets which are used to satisfy the postretirement obligation, are held as a pension fund by the trustee, to invest the employer contributions, accumulate the earnings on investments, and pay the contributions plus earnings to the retired employees, are referred to as plan assets.

To determine: Plan assets as at December 31, 2018 for L Industries

(3)

To determine

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

Pension expense includes the following components:

Service cost

Interest cost

Expected return on plan assets

Amortization of prior service cost

Amortization of net loss or net gain

To determine: Pension expense as at December 31, 2018 for L Industries

Expert Solution & Answer

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Answer 3

Question

Chapter 17, Problem 17.13P

(1)

To determine

Projected benefit obligation (PBO): This is the estimated present value of future retirement benefits, accumulated based on the future compensation levels.

To determine: PBO as at December 31, 2018 for L Industries

(2)

To determine

Plan assets: The assets which are used to satisfy the postretirement obligation, are held as a pension fund by the trustee, to invest the employer contributions, accumulate the earnings on investments, and pay the contributions plus earnings to the retired employees, are referred to as plan assets.

To determine: Plan assets as at December 31, 2018 for L Industries

(3)

To determine

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

Pension expense includes the following components:

Service cost

Interest cost

Expected return on plan assets

Amortization of prior service cost

Amortization of net loss or net gain

To determine: Pension expense as at December 31, 2018 for L Industries

Expert Solution & Answer

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Answer 4

Question

Chapter 17, Problem 17.13P

(1)

To determine

Projected benefit obligation (PBO): This is the estimated present value of future retirement benefits, accumulated based on the future compensation levels.

To determine: PBO as at December 31, 2018 for L Industries

(2)

To determine

Plan assets: The assets which are used to satisfy the postretirement obligation, are held as a pension fund by the trustee, to invest the employer contributions, accumulate the earnings on investments, and pay the contributions plus earnings to the retired employees, are referred to as plan assets.

To determine: Plan assets as at December 31, 2018 for L Industries

(3)

To determine

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

Pension expense includes the following components:

Service cost

Interest cost

Expected return on plan assets

Amortization of prior service cost

Amortization of net loss or net gain

To determine: Pension expense as at December 31, 2018 for L Industries

Expert Solution & Answer

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Answer 5

Chapter 17, Problem 17.13P

(1)

To determine

Projected benefit obligation (PBO): This is the estimated present value of future retirement benefits, accumulated based on the future compensation levels.

To determine: PBO as at December 31, 2018 for L Industries

(2)

To determine

Plan assets: The assets which are used to satisfy the postretirement obligation, are held as a pension fund by the trustee, to invest the employer contributions, accumulate the earnings on investments, and pay the contributions plus earnings to the retired employees, are referred to as plan assets.

To determine: Plan assets as at December 31, 2018 for L Industries

(3)

To determine

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

Pension expense includes the following components:

Service cost

Interest cost

Expected return on plan assets

Amortization of prior service cost

Amortization of net loss or net gain

To determine: Pension expense as at December 31, 2018 for L Industries

Answer 6

Chapter 17, Problem 17.13P

(1)

To determine

Projected benefit obligation (PBO): This is the estimated present value of future retirement benefits, accumulated based on the future compensation levels.

To determine: PBO as at December 31, 2018 for L Industries

Answer 7

Chapter 17, Problem 17.13P

(1)

To determine

Projected benefit obligation (PBO): This is the estimated present value of future retirement benefits, accumulated based on the future compensation levels.

To determine: PBO as at December 31, 2018 for L Industries

Answer 8

(2)

To determine

Plan assets: The assets which are used to satisfy the postretirement obligation, are held as a pension fund by the trustee, to invest the employer contributions, accumulate the earnings on investments, and pay the contributions plus earnings to the retired employees, are referred to as plan assets.

To determine: Plan assets as at December 31, 2018 for L Industries

Answer 9

(2)

To determine

Plan assets: The assets which are used to satisfy the postretirement obligation, are held as a pension fund by the trustee, to invest the employer contributions, accumulate the earnings on investments, and pay the contributions plus earnings to the retired employees, are referred to as plan assets.

To determine: Plan assets as at December 31, 2018 for L Industries

Answer 10

(3)

To determine

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

Pension expense includes the following components:

Service cost

Interest cost

Expected return on plan assets

Amortization of prior service cost

Amortization of net loss or net gain

To determine: Pension expense as at December 31, 2018 for L Industries

Answer 11

(3)

To determine

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees.

Pension expense includes the following components:

Service cost

Interest cost

Expected return on plan assets

Amortization of prior service cost

Amortization of net loss or net gain

To determine: Pension expense as at December 31, 2018 for L Industries

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 17 - Prob. 17.1Q Ch. 17 - Prob. 17.2Q Ch. 17 - Prob. 17.3Q Ch. 17 - What is the vested benefit obligation?Ch. 17 - Prob. 17.5Q Ch. 17 - Prob. 17.6Q Ch. 17 - Name three events that might change the balance of...Ch. 17 - Prob. 17.8Q Ch. 17 - Prob. 17.9Q Ch. 17 - Prob. 17.10Q

Projected benefit obligation (PBO) : This is the estimated present value of future retirement benefits, accumulated based on the future compensation levels. To determine : PBO as at December 31, 2018 for L Industries

Solution Summary: The author explains Projected Benefit Obligation (PBO) as the estimated present value of future retirement benefits, accumulated based on the future compensation levels.

Concept explainers

Projected benefit obligation (PBO): This is the estimated present value of future retirement benefits, accumulated based on the future compensation levels.

To determine: PBO as at December 31, 2018 for L Industries

Want to see the full answer?

Chapter 17 Solutions

Projected benefit obligation (PBO) : This is the estimated present value of future retirement benefits, accumulated based on the future compensation levels. To determine : PBO as at December 31, 2018 for L Industries

Solution Summary: The author explains Projected Benefit Obligation (PBO) as the estimated present value of future retirement benefits, accumulated based on the future compensation levels.

Concept explainers

Projected benefit obligation (PBO): This is the estimated present value of future retirement benefits, accumulated based on the future compensation levels. To determine: PBO as at December 31, 2018 for L Industries

Want to see the full answer?

Chapter 17 Solutions

Projected benefit obligation (PBO): This is the estimated present value of future retirement benefits, accumulated based on the future compensation levels.

To determine: PBO as at December 31, 2018 for L Industries