The value of closing balance of plan assets, value of closing balance of PBO and the funded status. Given information: Fair value of plan assets at the beginning is $1,006,902. Value of PBO at the beginning is $1,043,692. Service cost is $58,084. Interest on PBOat the beginning is $135,680. Expected rate on plan assets is 9%. Actual return on plan assets is $84,500. Contribution for the year is $92,612. Benefit paid for the year is $48,672. Amortization of prior service cost rate is 20%. Actuarial loss is $18,252.

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Answer 1

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 19, Problem 19.10P

a.

To determine

The value of closing balance of plan assets, value of closing balance of PBO and the funded status.

Given information:

Fair value of plan assets at the beginning is $1,006,902.

Value of PBO at the beginning is $1,043,692.

Service cost is $58,084.

Interest on PBOat the beginning is $135,680.

Expected rate on plan assets is 9%.

Actual return on plan assets is $84,500.

Contribution for the year is $92,612.

Benefit paid for the year is $48,672.

Amortization of prior service cost rate is 20%.

Actuarial loss is $18,252.

b.

To determine

The amount to be recognized in the statement of financial position at the end of the year.

c.

To determine

The value of the closing balance in accumulated other comprehensive income of current year.

Given information:

Fair value of plan assets at the beginning is $1,006,902.

Value of PBO at the beginning is $1,043,692.

Service cost is $58,084.

Interest on PBOat the beginning is $135,680.

Expected rate on plan assets is 9%.

Actual return on plan assets is $84,500.

Contribution for the year is $92,612.

Benefit paid for the year is $48,672.

Amortization of prior service cost rate is 20%.

Actuarial loss is $18,252.

d.

To determine

The information of pension plan with an accumulated benefit obligation in excess of plan assets.

e.

To determine

The components of net periodic benefit cost and other amounts recognized in net income.

f.

To determine

The value of other changes in the plan assets and PBO recognized in other comprehensive income.

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Answer 2

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 19, Problem 19.10P

a.

To determine

The value of closing balance of plan assets, value of closing balance of PBO and the funded status.

Given information:

Fair value of plan assets at the beginning is $1,006,902.

Value of PBO at the beginning is $1,043,692.

Service cost is $58,084.

Interest on PBOat the beginning is $135,680.

Expected rate on plan assets is 9%.

Actual return on plan assets is $84,500.

Contribution for the year is $92,612.

Benefit paid for the year is $48,672.

Amortization of prior service cost rate is 20%.

Actuarial loss is $18,252.

b.

To determine

The amount to be recognized in the statement of financial position at the end of the year.

c.

To determine

The value of the closing balance in accumulated other comprehensive income of current year.

Given information:

Fair value of plan assets at the beginning is $1,006,902.

Value of PBO at the beginning is $1,043,692.

Service cost is $58,084.

Interest on PBOat the beginning is $135,680.

Expected rate on plan assets is 9%.

Actual return on plan assets is $84,500.

Contribution for the year is $92,612.

Benefit paid for the year is $48,672.

Amortization of prior service cost rate is 20%.

Actuarial loss is $18,252.

d.

To determine

The information of pension plan with an accumulated benefit obligation in excess of plan assets.

e.

To determine

The components of net periodic benefit cost and other amounts recognized in net income.

f.

To determine

The value of other changes in the plan assets and PBO recognized in other comprehensive income.

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Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 19, Problem 19.10P

a.

To determine

The value of closing balance of plan assets, value of closing balance of PBO and the funded status.

Given information:

Fair value of plan assets at the beginning is $1,006,902.

Value of PBO at the beginning is $1,043,692.

Service cost is $58,084.

Interest on PBOat the beginning is $135,680.

Expected rate on plan assets is 9%.

Actual return on plan assets is $84,500.

Contribution for the year is $92,612.

Benefit paid for the year is $48,672.

Amortization of prior service cost rate is 20%.

Actuarial loss is $18,252.

b.

To determine

The amount to be recognized in the statement of financial position at the end of the year.

c.

To determine

The value of the closing balance in accumulated other comprehensive income of current year.

Given information:

Fair value of plan assets at the beginning is $1,006,902.

Value of PBO at the beginning is $1,043,692.

Service cost is $58,084.

Interest on PBOat the beginning is $135,680.

Expected rate on plan assets is 9%.

Actual return on plan assets is $84,500.

Contribution for the year is $92,612.

Benefit paid for the year is $48,672.

Amortization of prior service cost rate is 20%.

Actuarial loss is $18,252.

d.

To determine

The information of pension plan with an accumulated benefit obligation in excess of plan assets.

e.

To determine

The components of net periodic benefit cost and other amounts recognized in net income.

f.

To determine

The value of other changes in the plan assets and PBO recognized in other comprehensive income.

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Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 19, Problem 19.10P

a.

To determine

The value of closing balance of plan assets, value of closing balance of PBO and the funded status.

Given information:

Fair value of plan assets at the beginning is $1,006,902.

Value of PBO at the beginning is $1,043,692.

Service cost is $58,084.

Interest on PBOat the beginning is $135,680.

Expected rate on plan assets is 9%.

Actual return on plan assets is $84,500.

Contribution for the year is $92,612.

Benefit paid for the year is $48,672.

Amortization of prior service cost rate is 20%.

Actuarial loss is $18,252.

b.

To determine

The amount to be recognized in the statement of financial position at the end of the year.

c.

To determine

The value of the closing balance in accumulated other comprehensive income of current year.

Given information:

Fair value of plan assets at the beginning is $1,006,902.

Value of PBO at the beginning is $1,043,692.

Service cost is $58,084.

Interest on PBOat the beginning is $135,680.

Expected rate on plan assets is 9%.

Actual return on plan assets is $84,500.

Contribution for the year is $92,612.

Benefit paid for the year is $48,672.

Amortization of prior service cost rate is 20%.

Actuarial loss is $18,252.

d.

To determine

The information of pension plan with an accumulated benefit obligation in excess of plan assets.

e.

To determine

The components of net periodic benefit cost and other amounts recognized in net income.

f.

To determine

The value of other changes in the plan assets and PBO recognized in other comprehensive income.

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Answer 5

Chapter 19, Problem 19.10P

a.

To determine

The value of closing balance of plan assets, value of closing balance of PBO and the funded status.

Given information:

Fair value of plan assets at the beginning is $1,006,902.

Value of PBO at the beginning is $1,043,692.

Service cost is $58,084.

Interest on PBOat the beginning is $135,680.

Expected rate on plan assets is 9%.

Actual return on plan assets is $84,500.

Contribution for the year is $92,612.

Benefit paid for the year is $48,672.

Amortization of prior service cost rate is 20%.

Actuarial loss is $18,252.

b.

To determine

The amount to be recognized in the statement of financial position at the end of the year.

c.

To determine

The value of the closing balance in accumulated other comprehensive income of current year.

Given information:

Fair value of plan assets at the beginning is $1,006,902.

Value of PBO at the beginning is $1,043,692.

Service cost is $58,084.

Interest on PBOat the beginning is $135,680.

Expected rate on plan assets is 9%.

Actual return on plan assets is $84,500.

Contribution for the year is $92,612.

Benefit paid for the year is $48,672.

Amortization of prior service cost rate is 20%.

Actuarial loss is $18,252.

d.

To determine

The information of pension plan with an accumulated benefit obligation in excess of plan assets.

e.

To determine

The components of net periodic benefit cost and other amounts recognized in net income.

f.

To determine

The value of other changes in the plan assets and PBO recognized in other comprehensive income.

Answer 6

Chapter 19, Problem 19.10P

a.

To determine

The value of closing balance of plan assets, value of closing balance of PBO and the funded status.

Given information:

Fair value of plan assets at the beginning is $1,006,902.

Value of PBO at the beginning is $1,043,692.

Service cost is $58,084.

Interest on PBOat the beginning is $135,680.

Expected rate on plan assets is 9%.

Actual return on plan assets is $84,500.

Contribution for the year is $92,612.

Benefit paid for the year is $48,672.

Amortization of prior service cost rate is 20%.

Actuarial loss is $18,252.

Answer 7

Chapter 19, Problem 19.10P

a.

To determine

The value of closing balance of plan assets, value of closing balance of PBO and the funded status.

Given information:

Fair value of plan assets at the beginning is $1,006,902.

Value of PBO at the beginning is $1,043,692.

Service cost is $58,084.

Interest on PBOat the beginning is $135,680.

Expected rate on plan assets is 9%.

Actual return on plan assets is $84,500.

Contribution for the year is $92,612.

Benefit paid for the year is $48,672.

Amortization of prior service cost rate is 20%.

Actuarial loss is $18,252.

Answer 8

b.

To determine

The amount to be recognized in the statement of financial position at the end of the year.

Answer 9

b.

To determine

The amount to be recognized in the statement of financial position at the end of the year.

Answer 10

c.

To determine

The value of the closing balance in accumulated other comprehensive income of current year.

Given information:

Fair value of plan assets at the beginning is $1,006,902.

Value of PBO at the beginning is $1,043,692.

Service cost is $58,084.

Interest on PBOat the beginning is $135,680.

Expected rate on plan assets is 9%.

Actual return on plan assets is $84,500.

Contribution for the year is $92,612.

Benefit paid for the year is $48,672.

Amortization of prior service cost rate is 20%.

Actuarial loss is $18,252.

Answer 11

c.

To determine

The value of the closing balance in accumulated other comprehensive income of current year.

Given information:

Fair value of plan assets at the beginning is $1,006,902.

Value of PBO at the beginning is $1,043,692.

Service cost is $58,084.

Interest on PBOat the beginning is $135,680.

Expected rate on plan assets is 9%.

Actual return on plan assets is $84,500.

Contribution for the year is $92,612.

Benefit paid for the year is $48,672.

Amortization of prior service cost rate is 20%.

Actuarial loss is $18,252.

Answer 12

d.

To determine

The information of pension plan with an accumulated benefit obligation in excess of plan assets.

Answer 13

d.

To determine

The information of pension plan with an accumulated benefit obligation in excess of plan assets.

Answer 14

e.

To determine

The components of net periodic benefit cost and other amounts recognized in net income.

Answer 15

e.

To determine

The components of net periodic benefit cost and other amounts recognized in net income.

Answer 16

f.

To determine

The value of other changes in the plan assets and PBO recognized in other comprehensive income.

Answer 17

f.

To determine

The value of other changes in the plan assets and PBO recognized in other comprehensive income.

Answer 18

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Answer 19

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Answer 20

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Answer 21

Ch. 19 - What is the allocation period used to expense...Ch. 19 - How do companies account for stock-based...Ch. 19 - Do companies with equity-based compensation plans...Ch. 19 - When accounting for employee stock options, will a...Ch. 19 - Prob. 19.5Q Ch. 19 - Prob. 19.6Q Ch. 19 - Prob. 19.7Q Ch. 19 - Prob. 19.8Q Ch. 19 - Prob. 19.9Q Ch. 19 - Prob. 19.10Q

Solution Summary: The author explains the value of closing balance of plan assets and PBO and the funded status.

Concept explainers

The amount to be recognized in the statement of financial position at the end of the year.

The information of pension plan with an accumulated benefit obligation in excess of plan assets.

The components of net periodic benefit cost and other amounts recognized in net income.

The value of other changes in the plan assets and PBO recognized in other comprehensive income.

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Chapter 19 Solutions