Pension expense : Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees. To determine : Pension expense at the end of 2018

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Answer 1

Question

Chapter 17, Problem 17.9P

(1)

To determine

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

To determine: Pension expense at the end of 2018

(2)

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 at the end of 2018

(3)

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: The pension plan assets at the end of 2018

(4)

To determine

Net pension asset or net pension liability: The net total of PBO and pension plan assets are reported as net pension asset or net pension liability. Net pension asset is reported, if the net balance is a debit. Net pension liability is reported, if the net balance is a credit.

To determine: The net pension asset (liability) at the end of 2018

(5)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: Entries related to net pension expense, funding, and retiree benefits paid in 2018

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Exercise 3-12A (Algo) Conducting sensitivity analysis using a spreadsheet LO 3-5 Use the below table to answer the following questions. Selling Price$27.00 Variable 2,100 3,100 Fixed Cost Cost Sales Volume 4,100 Profitability 5,100 6,100 $25,700 8 $14,200 $33,200 $52,200 $71,200 $90,200 25,700 9 12,100 30,100 48,100 66,100 84,100 25,700 10 10,000 27,000 44,000 61,000 78,000 35,700 8 4,200 23,200 42,200 61,200 80,200 35,700 9 2,100 20,100 38,100 56,100 74,100 35,700 10 17,000 34,000 51,000 68,000 45,700 8 (5,800) 13,200 32,200 51,200 70,200 45,700 9 (7,900) 10,100 28,100 46,100 64,100 45,700 10 (10,000) 7,000 24,000 41,000 58,000 Required a. Determine the sales volume, fixed cost, and variable cost per unit at the break-even point. b. Determine the expected profit if Rundle projects the following data for Delatine: sales, 4,100 bottles; fixed cost, $25,700; and variable cost per unit, $10. c. Rundle is considering new circumstances that would change the conditions described in…

Answer 2

Question

Chapter 17, Problem 17.9P

(1)

To determine

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

To determine: Pension expense at the end of 2018

(2)

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 at the end of 2018

(3)

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: The pension plan assets at the end of 2018

(4)

To determine

Net pension asset or net pension liability: The net total of PBO and pension plan assets are reported as net pension asset or net pension liability. Net pension asset is reported, if the net balance is a debit. Net pension liability is reported, if the net balance is a credit.

To determine: The net pension asset (liability) at the end of 2018

(5)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: Entries related to net pension expense, funding, and retiree benefits paid in 2018

Expert Solution & Answer

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Answer 3

Question

Chapter 17, Problem 17.9P

(1)

To determine

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

To determine: Pension expense at the end of 2018

(2)

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 at the end of 2018

(3)

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: The pension plan assets at the end of 2018

(4)

To determine

Net pension asset or net pension liability: The net total of PBO and pension plan assets are reported as net pension asset or net pension liability. Net pension asset is reported, if the net balance is a debit. Net pension liability is reported, if the net balance is a credit.

To determine: The net pension asset (liability) at the end of 2018

(5)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: Entries related to net pension expense, funding, and retiree benefits paid in 2018

Expert Solution & Answer

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Answer 4

Question

Chapter 17, Problem 17.9P

(1)

To determine

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

To determine: Pension expense at the end of 2018

(2)

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 at the end of 2018

(3)

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: The pension plan assets at the end of 2018

(4)

To determine

Net pension asset or net pension liability: The net total of PBO and pension plan assets are reported as net pension asset or net pension liability. Net pension asset is reported, if the net balance is a debit. Net pension liability is reported, if the net balance is a credit.

To determine: The net pension asset (liability) at the end of 2018

(5)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: Entries related to net pension expense, funding, and retiree benefits paid in 2018

Expert Solution & Answer

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Answer 5

Chapter 17, Problem 17.9P

(1)

To determine

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

To determine: Pension expense at the end of 2018

(2)

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 at the end of 2018

(3)

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: The pension plan assets at the end of 2018

(4)

To determine

Net pension asset or net pension liability: The net total of PBO and pension plan assets are reported as net pension asset or net pension liability. Net pension asset is reported, if the net balance is a debit. Net pension liability is reported, if the net balance is a credit.

To determine: The net pension asset (liability) at the end of 2018

(5)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: Entries related to net pension expense, funding, and retiree benefits paid in 2018

Answer 6

Chapter 17, Problem 17.9P

(1)

To determine

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

To determine: Pension expense at the end of 2018

Answer 7

Chapter 17, Problem 17.9P

(1)

To determine

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

To determine: Pension expense at the end of 2018

Answer 8

(2)

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 at the end of 2018

Answer 9

(2)

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 at the end of 2018

Answer 10

(3)

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: The pension plan assets at the end of 2018

Answer 11

(3)

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: The pension plan assets at the end of 2018

Answer 12

(4)

To determine

Net pension asset or net pension liability: The net total of PBO and pension plan assets are reported as net pension asset or net pension liability. Net pension asset is reported, if the net balance is a debit. Net pension liability is reported, if the net balance is a credit.

To determine: The net pension asset (liability) at the end of 2018

Answer 13

(4)

To determine

Net pension asset or net pension liability: The net total of PBO and pension plan assets are reported as net pension asset or net pension liability. Net pension asset is reported, if the net balance is a debit. Net pension liability is reported, if the net balance is a credit.

To determine: The net pension asset (liability) at the end of 2018

Answer 14

(5)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: Entries related to net pension expense, funding, and retiree benefits paid in 2018

Answer 15

(5)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: Entries related to net pension expense, funding, and retiree benefits paid in 2018

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

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

Pension expense : Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees. To determine : Pension expense at the end of 2018

Concept explainers

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

To determine: Pension expense at the end of 2018

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

To determine: PBO at the end of 2018

Want to see the full answer?

Chapter 17 Solutions

Pension expense : Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees. To determine : Pension expense at the end of 2018

Concept explainers

Pension expense: Pension expense is an expense to the employer paid as compensation after the completion of services performed by the employees. To determine: Pension expense at the end of 2018

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

Want to see the full answer?

Chapter 17 Solutions

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

To determine: Pension expense at the end of 2018

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

To determine: PBO at the end of 2018