Other postretirement benefits : The postretirement benefits which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefits. To compute : The accumulated postretirement benefit obligation (APBO) at the beginning of 2016.

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Answer 1

Question

Chapter 17, Problem 17.25E

(1)

To determine

Other postretirement benefits: The postretirement benefits which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefits.

To compute: The accumulated postretirement benefit obligation (APBO) at the beginning of 2016.

(2)

To determine

To compute: The interest cost to be included in 2016 postretirement benefit expense.

(3)

To determine

To compute: The service cost to be included in 2016 postretirement benefit expense.

(4)

To determine

To Record: The journal entry to record the postretirement benefit expense for 2016.

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Kai is the president of Zebra Antiques. An employee, Reese Francis, is due a raise. Reese’s current benefit analysis is as follows: Yearly Benefit Costs Company Cost (Current) Employee Cost (Current) Medical insurance $ 6,400.00 $ 960.00 Dental insurance 145.00 145.00 Life insurance 330.00 0 AD&D 165.00 0 Short-term disability 66.00 0 Long-term disability 33.00 0 401(k) 825.00 1,650.00 Social Security 3,341.49 3,341.49 Medicare 781.48 781.48 Tuition reimbursement 2,250.00 0 Total yearly benefit costs (employer) $ 14,336.97 Employee’s annual salary 55,000.00 The total value of the employee’s compensation $ 69,336.97 Required: Compute the benefit analysis assuming: 3 percent increase in pay. Reese will increase the 401(k) contribution to 8 percent with a company match of 50 percent up to a 3 percent contribution by the employer. 15 percent increase in medical and dental insurance premiums. Note: Round your answers to 2 decimal places.

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Answer 2

Question

Chapter 17, Problem 17.25E

(1)

To determine

Other postretirement benefits: The postretirement benefits which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefits.

To compute: The accumulated postretirement benefit obligation (APBO) at the beginning of 2016.

(2)

To determine

To compute: The interest cost to be included in 2016 postretirement benefit expense.

(3)

To determine

To compute: The service cost to be included in 2016 postretirement benefit expense.

(4)

To determine

To Record: The journal entry to record the postretirement benefit expense for 2016.

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Answer 3

Question

Chapter 17, Problem 17.25E

(1)

To determine

Other postretirement benefits: The postretirement benefits which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefits.

To compute: The accumulated postretirement benefit obligation (APBO) at the beginning of 2016.

(2)

To determine

To compute: The interest cost to be included in 2016 postretirement benefit expense.

(3)

To determine

To compute: The service cost to be included in 2016 postretirement benefit expense.

(4)

To determine

To Record: The journal entry to record the postretirement benefit expense for 2016.

Expert Solution & Answer

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Answer 4

Question

Chapter 17, Problem 17.25E

(1)

To determine

Other postretirement benefits: The postretirement benefits which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefits.

To compute: The accumulated postretirement benefit obligation (APBO) at the beginning of 2016.

(2)

To determine

To compute: The interest cost to be included in 2016 postretirement benefit expense.

(3)

To determine

To compute: The service cost to be included in 2016 postretirement benefit expense.

(4)

To determine

To Record: The journal entry to record the postretirement benefit expense for 2016.

Expert Solution & Answer

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Answer 5

Chapter 17, Problem 17.25E

(1)

To determine

Other postretirement benefits: The postretirement benefits which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefits.

To compute: The accumulated postretirement benefit obligation (APBO) at the beginning of 2016.

(2)

To determine

To compute: The interest cost to be included in 2016 postretirement benefit expense.

(3)

To determine

To compute: The service cost to be included in 2016 postretirement benefit expense.

(4)

To determine

To Record: The journal entry to record the postretirement benefit expense for 2016.

Answer 6

Chapter 17, Problem 17.25E

(1)

To determine

Other postretirement benefits: The postretirement benefits which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefits.

To compute: The accumulated postretirement benefit obligation (APBO) at the beginning of 2016.

Answer 7

Chapter 17, Problem 17.25E

(1)

To determine

Other postretirement benefits: The postretirement benefits which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefits.

To compute: The accumulated postretirement benefit obligation (APBO) at the beginning of 2016.

Answer 8

(2)

To determine

To compute: The interest cost to be included in 2016 postretirement benefit expense.

Answer 9

(2)

To determine

To compute: The interest cost to be included in 2016 postretirement benefit expense.

Answer 10

(3)

To determine

To compute: The service cost to be included in 2016 postretirement benefit expense.

Answer 11

(3)

To determine

To compute: The service cost to be included in 2016 postretirement benefit expense.

Answer 12

(4)

To determine

To Record: The journal entry to record the postretirement benefit expense for 2016.

Answer 13

(4)

To determine

To Record: The journal entry to record the postretirement benefit expense for 2016.

Answer 14

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Answer 15

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Answer 16

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Answer 17

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

Concept explainers

To compute: The interest cost to be included in 2016 postretirement benefit expense.

To compute: The service cost to be included in 2016 postretirement benefit expense.

To Record: The journal entry to record the postretirement benefit expense for 2016.

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Chapter 17 Solutions