II. Pension data for the Phoenix Company include the following for the current calendar year: Discount rate, 8% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, $200,000 January 1: PBO ABO Plan assets Amortization of prior service cost Amortization of net gain December 31: Cash contributions to pension fund Benefit payments to retirees $1,400,000 1,000,000 1,500,000 20,000 4,000 $220,000 240,000 a) Determine pension expense for the year. b) Prepare the journal entries to record pension expenses and funding for the year.
Q: The following were selected from among the transactions completed by Harrison Company during…
A: Every organization goes through day-to-day financial transactions. The company should record every…
Q: The orthopods & the radiologist Suppose that there are ten orthopaedic surgeons that have their…
A: The day-to-day expenses to run a business are known as operating expenses. At the introduction…
Q: A partial adjusted trial balance of the Pitbalt Company at January 31, 2003, shows the following…
A: Adjusting Entries - Adjusting Entries are the adjustments required to correct the balance of ledgers…
Q: Which is not one of Adam Smith's canons (principles) of taxation A. Economy in collection O B.…
A: Lets understand the basics. Adam smith's canons of taxation are the guiding rules, regulation and…
Q: Trustees must not just act honestly. They must be prudent and exercise the degree of care which they…
A: A trustee seems held to a high level of duty of care. A trustee should administer the trust's…
Q: The following balance sheet has been prepared by the accountant for Limestone Company as of June 3,…
A: Preparation of Statement of Financial Affairs for limestone company are as follows
Q: our intermediate calculations to the nearest whole dollar amount.
A: Social Security tax is calculated on earned income upto $147,000 =147000* 12.40% a) Medicare is…
Q: The following table contains financial statement information for Walmart Inc. $ millions Total…
A: RETURN ON EQUITY The return on equity is a Measure of the Profitability of a Business in relation to…
Q: The total factory overhead for Big Light Company is budgeted for the year at $1,703,240. Big Light…
A: Lets understand the basics. Single plantwide overhead rate is a overhead rate calculated to allocate…
Q: Describe the primary characteristics for governmental and not-for-profit entities. How does this…
A: Governments with general purposes offer a wide range of services. Typically, only one or a small…
Q: LSB Company has the following income statement: Revenues $100,000 Variable Costs 40,000 Contribution…
A: Contribution margin: Difference between the sales and the variable costs is called contribution…
Q: The role of an internal audit is to provide independent assurance that an organisation's risk…
A: Internal audits are performed to evaluate a company's internal controls, which include its…
Q: LO.5 Cindy maintains an office in her home that comprises 8% (200 square feet) of total floor space.…
A: calculation of Cindy's office in the home deduction under regular method and simplified method are…
Q: BlueStem is planning its operations for the coming year, and the CEO wants you to forecast the…
A: SOLUTION:- AFN = projected increase in assets – spontaneous increase in liabilities – increase in…
Q: Question 7 Kay Company budgets overhead cost of $3,738,000 for the next year. The company uses…
A: The traditional method of overhead allocation is based on a predetermined overhead rate. The…
Q: Room 1 has 50,000 square feet of rentable space. Room 2 account for 30,000 square feet and lobby…
A: Overhead means the amount of expenses incurred indirectly to produce the goods. These expenses can…
Q: Blossom Ltd. reported the following balances at January 1, 2023: Common shares Retained earnings…
A: Lets understand the basics. Statement of changes in equity is as name suggest shows the how much…
Q: The Blending Department for Westiana Paints started October with 1,200 gallons in process and…
A: Weighted Average Method :— Under this method, equivalent units is calculated by adding equivalent…
Q: A man borrowed some money from a private at 5 % simple interest per annum. He landed this money to…
A: Calculation of amount borrowed by the man are as follows
Q: Page 9 & page 12! Goodman Company acquired a truck from Harmes Company in exchange for a machine.…
A: Journal entry is a process of initially recording and classifying business transactions into books…
Q: pense "12-month rule", w
A: 12- month rule of prepaid expenses is applicable only when cash basis of accounting is followed.
Q: A loan of $15,000 was repaid at the end of 6 months. What amount (principal and interest) was paid…
A: Future value: It implies to the value of a particular sum of money in the future, using a given…
Q: Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows…
A: Companies incur costs and expenses to run their business. Companies spend a small number of expenses…
Q: Determine the missing amounts in each of these four separate situations a through d. Supplies…
A: Supplies expense is the cost of consumables utilized during a reporting period. This could be one of…
Q: When Polledo Corporation was organized in January 2011, it immediately issued 5,000 shares of $50…
A: Cash dividend is payable to the shareholders who have the name on the shareholders register on the…
Q: What are the differences between cash and accrual basis accounting? Provide an example of each
A: The financial statements can be prepared using various methods as accrual basis and cash basis…
Q: Zoe Corporation has the following information for the month of March: Cost of direct materials used…
A: Cost of goods manufactured refers to total cost incurred by a entity in a specific period in order…
Q: LO 1 Exercise 11-1A Effect of accounting events on the financial statements of a sole proprietorship…
A: Income Statement :— It is one of the financial statement that shows profitability of company during…
Q: What is the meaning of credit
A: Explanation of meaning of Credit are as follows
Q: Explain the following: Include atleast two references A: The significance of audit data analytics…
A: Introduction to Audit & Assurance Audit is an independent examination of books of accounts for…
Q: Guillermo's Oil and Lube Company is a service company that offers oil changes and lubrication for…
A: Formula: Direct labor rate variance (LRV)=Standard rate-Actual rate×Actual hours Direct labor…
Q: Crow inc. had revenues of $45,000 and net income of $3,400. What are the company's expenses ?
A: calculation of company's expenses are as follows
Q: Father, age 67, owns 84% of the common shares of Opco. Mother owns 8%. The remaining 8% is owned by…
A: Dividend refers to the amount of money or the rewards that are paid to the shareholders of the…
Q: rol account. B. Materials Control account. C. Finished Goods Control account.
A: The cost incurred on jobs that are currently in production but not yet complete would appear in work…
Q: a. Compute basic EPS. b. Compute diluted EPS.
A: Given in the question: Net Income $22,20,000 Common shares outstanding all the year…
Q: Using the table below, complete a Vertical Analysis. Round answers to 1 decimal place. Paragraph V…
A: VERTICAL ANALYSIS OF BALANCE SHEET Vertical Analysis of a Balance sheet provides the Percentage…
Q: On 1/1/24, Traverse Company sold 100 components at $700 each. All sales were cash sales. Estimated…
A: Assurance-type warranties. A warranty that cannot be purchased separately and only provides…
Q: You decide to sell a house that you bought five years ago with the purpose of renting it. Its…
A: Capital gains occur when the selling price exceeds the cost of capital assets. If the asset is kept…
Q: Accrual accounting requires adjusting entries. Provide an example of an adjusting entry.
A: Their are two types of accounting methods 1.Cash accounting 2.Accrual accounting
Q: Journalize the entries to record the following summarized operations related to production for a…
A: A journal is a booklet in which transactions are chronologically documented. It is also known as the…
Q: Problem 13-66 (LO 13-3) (Algo) Skip to question [The following information applies to the…
A: An extra to an employee's normal salary that is set away to be paid at a later time is known as…
Q: What is the company's lease payment for the last year is reduced to $150,000 instead? 2) What is…
A: Given in the question: Lease term = 15 Years Equipment Life = 20 Years Annual Lease Payments =…
Q: Inventory Write-Down Palmquist Company has five different inventory items and applies the inventory…
A: FIFO is an abbreviation for first in, first out. It is a method for handling data structures where…
Q: LIFO, FIFO, & Moving Average Cost: Perpetual Inventory Methods: Rock Shop shows the following data…
A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…
Q: Mr. Li is employed by BDF, Inc. Compute BDF's 2022 employer payroll tax with respect to Mr. Li…
A: Payroll tax can be defined as the tax that is withheld, charged, or levied on the payroll of the…
Q: In this case, how much is the maximum total amount that Derrick can legally collect from the debtors…
A: Here in the question,jhon,Anthony and lorenzo borrowed a loan p120000 from Derick and James , Assume…
Q: Marion Co. employed Juan Lopez in 2010. Juan earned $5,000 per month and worked the entire- year.…
A: Note: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: On January 1, 2011, Webber Company had a balance of $278,000 in its Land account. During 2011,…
A: Cash flow from investing activities: It is a section of the cash flow statement that shows the cash…
Q: LO 1 Exercise 12-2A Use the indirect method to determine cash flows from operating activities Mendez…
A: The cash flow statement is prepared at the end of an accounting period to evaluate the cash position…
Q: If money can be invested at 4.4% compounded quarterly, which is larger, $8177 now or $11,000 in 7…
A: The time value of money is a concept of money that says money is worth it now, not money received in…
Step by step
Solved in 3 steps
- Pension data for the Denver Company include the following for the current calendar year:Discount rate, 8%Expected return on plan assets, 10%Actual return on plan assets, 9%Service cost, $200,000January 1:PBO $1,400,000ABO 1,000,000Plan assets 1,500,000Amortization of prior service cost 20,000Amortization of net gain 4,000December 31:Cash contributions to pension fund $220,000Benefit payments to retirees 240,000a) Determine pension expense for the year.b) Prepare the journal entries to record pension expense and funding for the year.Pension data for Carolina Consulting Company included the following for the current calendar year: Service cost PBO, January 1 Plan assets, January 1 Amortization of prior service cost Amortization of net loss Discount rate, 6% Expected return on plan assets, Actual return on plan assets, 10% $116,000 830,000 880,000 6,800 2,800 8% Required: Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Pension expensePension data for the Broncos Company include the following for the current calendar year:Discount rate, 8%Expected return on plan assets, 10%Actual return on plan assets, 9%Service cost, $200,000January 1:PBO $1,400,000ABO 1,000,000Plan assets 1,500,000Amortization of prior service cost 20,000Amortization of net gain 4,000December 31:Cash contributions to pension fund $220,000Benefit payments to retirees 240,000Required:1) Determine pension expense for the year. Show your calculation. If not, no credit.2) Prepare the journal entries to record pension expense and funding for the year. 3) Compute the ending balance of PBO (balance on 12/31).
- Pension data for Coda Corporation included the following for the current calendar year: Service cost PBO, January 1 Plan assets, January 1 Amortization of prior service cost $126,000 720,000 770,000 5,700 1,700 Amortization of net loss Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 14% Required: Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Pension expense6) The following facts apply to the pension plan of Trudy Borke Inc. for the year 20X1: Plan assets, January 1 20X1 $490,000Projected benefit obligation January 1 20X1 490,000Settlement rate 8.5%Annual pension service cost 40,000Contributions (funding) 30,000Actual return on plan assets 49,700Benefits paid to retirees 33,400 What is the pension expense for 20X1?The following facts apply to the pension plan of Trudy Borke Inc. for the year 20X1: Plan assets, January 1 20X1 $490,000 Projected benefit obligation January 1 20X1 490,000 Settlement rate 8.5% Annual pension service cost 40,000 Contributions (funding) 30,000 Actual return on plan assets 49,700 Benefits paid to retirees 33,400 What is the pension expense for 20X1? items Annual Pension expense cash Pension asset/liability Projected Benefit Obligation Plan Assets Balance, January 1, 20X1 $490,000 Cr. $490,000 Dr. service cost $40,000 Dr. $40,000 Cr. interest cost $49,700 Dr. $49,700 Cr. actual return $49,700 Cr. $49,700 Dr. contributions $30,000 Cr. $30,000 Dr. Benefits $33,400 Dr. $33,400 Cr. journal entry for 20X1 $40,000 $30,000 Cr. $10,000 Cr. Balance 20X1 $10,000 Cr. $546,300 Cr. $536,300 Dr.
- Pension data for Sam Adams Inc. include the following for the current calendar year: Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, $410,000 January 1: PBO $ 3,010,000 ABO 2,010,000 Plan assets 3,210,000 Amortization of prior service cost 31,000 Amortization of net gain 7,100 December 31: Cash contributions to pension fund $ 276,000 Benefit payments to retirees 311,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and funding for the year.Pension data for David Emerson Enterprises include the following: ($ in millions)Discount rate, 10%Projected benefit obligation, January 1 $360Projected benefit obligation, December 31 465Accumulated benefit obligation, January 1 300Accumulated benefit obligation, December 31 415Cash contributions to pension fund, December 31 150Benefit payments to retirees, December 31 54 Required:Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31.Pension data for Barry Financial Services Inc., include the following: ($ in thousands)Discount rate, 7%Expected return on plan assets, 10%Actual return on plan assets, 9%Service cost, 2021 $ 310January 1, 2021:Projected benefit obligation 2,300Accumulated benefit obligation 2,000Plan assets (fair value) 2,400Prior service cost—AOCI (2021 amortization, $25) 325Net gain—AOCI (2021 amortization, $6) 330There were no changes in actuarial assumptions.December 31, 2021:Cash contributions to pension fund, December 31, 2021 245Benefit payments to retirees, December 31, 2021…
- Pension data for Shalom Inc. include the following for the current calendar year: Discount rate, 8% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, $400,000 January 1: PBO 3,000,000 ABO 2,000,000 Plan assets 3,200,000 Amortization of prior service cost 30,000 Amortization of net gain 7,000 December 31: Cash contributions to pension fund $275,000 Benefit payments to retirees 310,000 Required: 1) Determine pension expense for the year. Show your computations. No credit if not. 2) Prepare the journal entries to record the following:a) Pension Expenseb) Contributionc) Benefit Paymentd) Any Gain or Loss 20) Broncos Co. reports pretax financial income of $Pension data for David Emerson Enterprises Include the following: Discount rate, 12% Projected benefit obligation, January 1 Projected benefit obligation, December 31 Accumulated benefit obligation, January 1 Accumulated benefit obligation, December 31 Cash contributions to pension fund, December 31 Benefit payments to retirees, December 31 Service cost ($ in millions) million $300 470 Required: Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31. 305 420 155 55Pension data for Millington Enterprises include the following: (S in millions) Discount rate, 10% Projected benefit obligation, January 1 Projected benefit obligation, December 31 Accumulated benefit obligation, January 1 Accumulated benefit obligation, December 31 Cash contributions to pension fund, December 31 Benefit payments to retirees, December 31 $360 465 300 415 150 54 Required: Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31.