At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000
Q: E. Charlton Company provided the following information concerning a defined benefit plan at the…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan…
A: Defined benefit pension plans are the retirement designs that include providing a fixed and…
Q: At the beginning of the current year, the memorandum records of OPPA Co's defined benefit plan…
A: Defined benefit obligation is a measurement of present values to determine liabilities for future…
Q: A. At the beginning of current year, an entity provided the following information in connection with…
A: Fair value of plan assets at year-end = Fair value of plan assets at beginning + contribution to the…
Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…
A: Retirement benefit-cost taken to other comprehensive income for the year 2021 = Change in Return on…
Q: E. Charlton Company provided the following information concerning a defined benefit plan at the…
A: Interest cost = Beginning Projected benefit obligation x discount rate = 5500000*6% = 330,000
Q: Charlton Company provided the following information concerning a defined benefit plan at the…
A: SOLUTION FORMULA- NET REMEASUREMENT GAIN = ACTUAL RETURN ON PLAN ASSETS -(FAIR VALUE OF PLAN ASSETS…
Q: Information about the defined benefit plan of the company are shown below Defined benefit…
A: Settelment cost = Defined benefit obligation, January 1, 2021 x Discount rate = 5,500,000 x 5% =…
Q: At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan…
A: Interest cost = Beginning Defined benefit obligation x Interest rate = 11,000,000 x 10% = 1,100,000
Q: Elton Co. has the following postretirement benefit plan balances on January 1, 2020. Accumulated…
A: a)
Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…
A: Retirement benefits are those benefits which the employee receives after retiring from the…
Q: E. Charlton Company provided the following information concerning a defined benefit plan at the…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Charlton Company provided the following information concerning a defined benefit plan at the…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: On January 1, 2021 COMET Company provided the following data in connection with the defined benefit…
A: Interest costs = Projected benefit obligation x Discount rate = ₱7,600,000 x 10% = ₱760,000 Expected…
Q: At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan…
A: Actual return on plan assets = Beginning Fair value of plan assets x actual return rate =…
Q: On January 1, 2019, the memorandum records of ABC Company showed the following balances related to…
A: Defined Benefit Plan:-These are plans which are provided to employees for their benefit based on…
Q: At the beginning of the current year, the memorandum records of A Company’s defined benefit plan…
A: Actual return on plan assets = Beginning Fair value of plan assets x actual return rate =…
Q: he following date relate to the defined benefit plan of ABC Company for the year ended December 31,…
A: Fair Value of plan asset, January 2, 2020- P14,000,000 Contribution during the year- P1,050,000…
Q: At the beginning of the current year Paolo Co reported fair value of plan assets at P7,000,000 and…
A: Employee benefits expense are those expenses which involve the short term employee benefits like…
Q: At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan…
A: Other comprehensive income (OCI) is a term used in corporate accounting to describe revenues, costs,…
Q: On January 1, 2020, FB Company had the following data in connection with its defined benefit plan:…
A: Interest = Beginning Defined benefit obligation x Discount rate = P7,500,000 x 10% = P750,000
Q: Corporation established a defined benefit plan for its employees and provided the following…
A: The question is based on the concept of Employee Benefit Expenses. As per Bartleby guidelines we are…
Q: What is the employee benefit expense?
A: Current service cost 1170000 Cutaiment loss/gain -260000 Net interest (1248000-936000] 312000…
Q: riton Company provided the following information concerning a defined at the beginning of current…
A: In a company's accounting records, a journal entry is used to memorialize a commercial transaction.…
Q: How much is the net defined benefit liability/asset that will be shown on December 31, 2021…
A: Net defined benefit liability/(asset)= Defined Benefit Obligation- Plan Assets
Q: The memorandum records ofGalindezTrading at January 1, 2021 show the following data: Define…
A: Plan Asset at December 31, 2021 = Beginning Fair value of plan assets + Actual return on plan assets…
Q: At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan…
A: Ending Defined benefit obligation = Beginning Defined benefit obligation - Benefits paid + Current…
Q: A. At the beginning of current year, an entity provided the following information in connection with…
A: Interest cost = Beginning Projected benefit obligation x discount rate = 13000000*10% = 1,300,000
Q: How much is the employee benefit expense taken to profit or loss during 2021?
A: Employee benefit expenses will include : 1. Current service cost 2. Past service cost 3. Net…
Q: ABC Company's memorandum records for its defined benefit plan show the following balances at…
A: Expense- Expenses refers to the cost incurred in producing and selling the goods and services. All…
Q: At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan…
A: Defined benefit plans are those plans which are made by the empployer for providing benefits or to…
Q: At the beginning of the current year, the memorandum records of Fischl Company’s defined benefit…
A: The solution for the above question is given in the following steps for your reference.
Q: Charlton Company provided the following information concerning a defined benefit plan at the…
A: Expected return on plan assets = Fair value of plan assets x Discount rate = 4,750,000 x 6% =…
Q: At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan…
A: Interest cost = Beginning Defined benefit obligation x interest cost = P11,000,000 x 10% = 110,000…
Q: Determine the employee benefit expense for the current year.
A: Employee benefits refer to all forms of compensation (cash/non-cash) paid by an employer to employee…
Q: 10 At the beginning of the current year, the memorandum records of Anne Company’s defined benefit…
A: Defined benefit obligation is the present value of obligations that are to be paid by employer to…
Q: Charlton Company provided the following information concerning a defined benefit plan at the…
A: Prepaid/accrued benefit costs = Unamortized past service cost - Unrecognized actuarial gain =…
Q: On January 1, 2021 the memorandum records of Dakak Company’s defined benefit plan showed the…
A: Employee Benefits: It is the all type of compensation (cash/non-cash) paid to an employee by an…
Q: On January 1, Year 1, a company had plan assets of $309,510 and a defined benefit obligation of the…
A: working notes : Closing balance of plan assets=$309,510 +$37,070+$24,670-$21,700=$3,49,550
Q: 9/. At the beginning of the current year, the memorandum records of Anne Company’s defined benefit…
A:
Q: On January 1, 2021 COMET Company provided the following data in connection with the defined benefit…
A: Interest costs = Projected benefit obligation x Discount rate = ₱7,600,000 x 10% = ₱760,000 Expected…
Q: Lewis, a public limited company, has a defined benefit plan for its employees. The present value of…
A: Extract of the Balance Sheet as at 31st December, 20X7Closing net defined liability (1222-1132) =90…
Q: At the beginning of current year, an entity provided the following information in connection with a…
A: Interest cost = Beginning Projected benefit obligation x discount rate = 13000000*10% = 1,300,000
Q: Information on Balinquit Company’s defined benefit plan is shown below: Fair value of plan asset,…
A: PLAN assets are assets or investments held by a long-term employee benefit fund for the purpose of…
Q: Charlton Company provided the following information concerning a defined benefit plan at the…
A: Fair Value Plan Asset (FVPA) as of December 31=Fair value of plan assets+Projected benefit…
Q: On December 31, 2019, Asayas Company reported fair value of plan assets P9,000,000 and projected…
A: "Fair value" is one of the important accounting term with various meanings in the financial…
Q: William and Raj Company provided the following information for the year:Projected benefit obligation…
A: Pension Worksheet - IFRS Items Annual Pension Expense Cash OCI- Prior Service Cost OCI -Gain/…
Q: At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan…
A: Actual return on plan assets = Beginning Fair value of plan assets x actual return rate =…
At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following:
Fair value of plan assets |
P 7,500,000 |
Defined benefit obligation |
(11,000,000) |
Prepaid(accrued) defined benefit exp. |
(P3,500,000) |
The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year:
Contribution to the plan |
P1,200,000 |
Benefits paid to retirees |
1,500,000 |
Decrease in defined benefit obligation due to changes in actuarial assumptions |
200,000 |
The defined benefit obligation at the end of the current year is
AP10,500,000
BP11,800,000
CP11,600,000
DP11,400,000
Step by step
Solved in 2 steps
- At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500.000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial 200,000 assumptions The fair value of plan assets at the end of the current year is O P8,700,000 O P7,800,000 O P8,250,000 O P7.950,000At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 Calculate the net amount that the entity would recognize in OCI for the year in accordance with the revised PAS 19 A P200,000 loss B P50,000 gain C P50,000 loss D P200,000 gainAt the beginning of the current year, the memorandum records of Anne Company's defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3.500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial 200,000 assumptions The defined benefit obligation at the end of the current year is O P10,500,000 P11,800,000 O P11,600,000 O P11,400,000
- At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 Calculate the net amount that the entity would recognize in OCI for the year in accordance with the revised PAS 19 Group of answer choices P50,000 loss P50,000 gain P200,000 gain P200,000 lossAt the beginning of the current year, the memorandum records of Anne Company's defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial 200,000 assumptions Calculate the amount that the entity would recognize in profit or loss for the year in accordance with the revised PAS 19At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan showed the following: Fair value of plan assets Defined benefit obligation Prepaid(accrued) defined benefit exp. P 7,500,000 (11,000,000) (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan Benefits paid to retirees Decrease in defined benefit obligation due to changes in actuarial assumptions P 1,200,000 1,500,000 200,000 The fair value of plan assets at the end of the current year is P8,700,000 P7,800,000 P8,250,000 P7,950,000 Calculate the net amount that the entity would recognize in OCI for the year in accordance with the revised PAS 19 P200,000 loss P200,000 gain P50,000 loss P50,000 gain The defined benefit obligation at the end of the current year is P10,500,000…
- At the beginning of current year, De Guzman Company reported the following information in relation to a defined benefit plan: Fair value of plan assets - 7,000,000 Projected benefit obligation - 7,500,000 During the current year, the entity determined that the current service cost was 1,400,000 and the discount rate is 10%. The actual return on plan assets during the year was 840,000. Other related information for the current year: Contribution to the plan - 1,200,000 Benefits paid to retirees - 1,500,000 Decrease in projected benefit obligation due to changes in actuarial assumptions - 200,000 Present value of defined benefit obligation settled - 500,000 Settlement price of defined benefit obligation- 400,000 1. What amount should be reported in the income statement for the current year as employee benefit expense? 2. What is the net amount of remeasurements on Dec 31? 3. What is the fair value of plan assets kn Dec 31? 4. What is the projected benefit obligation on Dec 31?…At the beginning of the current year Paolo Co reported fair value of plan assets at P7,000,000 and projected benefit obligation at P8,500,000. During the year the entity determined that the current service cost was P1.200,000 and the discount rate is 10% The actual return on plan assets was P800,000 during the yearThe entity provided the following information during the year related to the defined benefit plan: Contribution to the 1, 000 Benefits paid to retirees P1,750,000 Decrease in projected benefit obligation due to change in actuarial assumptions - P300,000 REQUIRED 1. Employee benefit expense Total remeasurement ? 2. Projected Benefit Obligation at year end ? 3. Prepaid /accrued benefit cost for the year ?At the beginning of the current year, the memorandum records of Fischl Company’s defined benefitplan showed the following:Fair value of plan assets P7,500,000Defined benefit obligation (11,000,000)Prepaid (accrued) benefit expense (P3,500,000)Fischl determined that its current service cost was P1,000,000 and the interest cost is 10%. Theexpected return on plan asset was 12% but the actual return during the year was 8%. Other relatedinformation at the end of the year:Contribution to the plan P1,200,000Benefits paid to retirees 1,500,000Decrease in defined benefit obligation due to changes inactuarial assumptions200,000REQUIREMENTS:1. What will be presented in the income statement in relation to the defined benefit plan?2. What will be presented in the statement of financial position in relation to the defined benefitplan?
- On January 1, 2020, FB Company had the following data in connection with its defined benefit plan: Fair value of plan assets- P6,500,000 • Defined benefit obligation- P7,500,000 The accountant revealed the following information for the current year. • Current service costs- P1,600,000 • Discount rate- 10% • Actual return on plan assets-P600,000 . Expected return on plan assets- 8% . Contribution to the plan- P1,500,000 How much is the retirement benefit expense in 2020? A.P1,830,000 B.P1,600,000 C.P2,350,000 D.P1,750,0009/. At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 Calculate the amount that the entity would recognize in profit or loss for the year in accordance with the revised PAS 19 Group of answer choices P1,350,000 P1,200,000 P1,100,000 P1,000,000 The defined benefit obligation at the end of the current year is Group…7. At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 Calculate the amount to be recognized in the statement of financial position at the end of the current year in accordance with the revised PAS 19 Group of answer choices P3,500,000 P3,650,000 P4,000,000 P3,600,000