On January 1, 2019, HULA Co. provided these data concerning its defined benefit plan: Fair value of plan assets Defined benefit obligation Prepaid/accrued benefit cost- credit P9,500,000 12,000,000 P2,500,000 The transactions for 2019 are as follows:
Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…
A: Paytm treatment cost is the gap between the market price of assets held and the defined benefit…
Q: Hawkins Corporation has the following balances at December 31, 2017. Projected benefit obligation…
A: Given information is: Projected Benefit Obligation = $26,00,000 Plan assets at fair value =…
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: The following information pertains to Lacson Corporation defined benefit plan for the year 2022:…
A: The urealized gain or loss along with the other gain and losses accumulated in prior year is…
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: As of December 31, 2020, the projected benefit obligation and plan assets of a noncontributory…
A: Funded status = Plan assets at fair value - Projected benefit obligation
Q: Elton Co. has the following postretirement benefit plan balances on January 1, 2020. Accumulated…
A: a)
Q: On December 31, 2020, ABC Company had the following balances in its memorandum records related to…
A: Interest costs = Benefit Obligation, December 31, 2020, x discount rate = P12,000,000 x 12% =…
Q: The following information pertains to Rose Corporation's defined benefit plan for the year 2019:…
A: Defined Benefit Plan:-This is the benefit enjoyed by the employees how much benefit they will…
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: An entity provided the following items related to its defined benefit plan for 2019: January 1…
A: Interest rate = Interest income / Fair value of plan assets at beginning = 160000/1600000 = 10%
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: Use the following information for the next four (4) questions: The memorandum records of Galinde…
A: Actuarial loss on remeasurement of defined benefit obligation = 100,000 Therefore, the loss on…
Q: Delco Berhad operates a defined benefit plan. At the end of the year, the company has the following…
A: On 31 December 2018, Celco Berhad will report a net liability in the statement of financial…
Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…
A: Prepaid/accrued benefit cost is the difference between the balance of the fair value of plan assets…
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: it obligation 5,500,000 Unrecognized actuarial gain 850,000 The transactions for the cu
A: Interest cost = Beginning Projected benefit obligation x discount rate = 5500000*6% = 330,000
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: ABC Company showed in its memorandum records the following balances for the year 2020: Fair value of…
A: Actual return on pension plan assets =Fair value of plan assets on 31/12/2020 - Fair value of plan…
Q: Strangers & Co. has gathered the following information for its defined benefit plan in 2020: ·…
A: Increase in Projected Benefit Obligation = Projected Benefit Obligation, 12/31/2020 - Projected…
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: Use the following information for the next five (5) questions: The memorandum records of Galindez…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…
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: An entity provided the following items related to its defined benefit plan for 2019: January 1…
A: According to the accounting standard benefit expenses include the following Current service Cost…
Q: Presented below is information related to Rip-Off Fuels Inc. for calendar year 2019. The corporation…
A: Opening Balance of Defined benefit obligation: $720,000 Past Service Costs: $10,000 Current Service…
Q: The following relates to the define benefit obligation plan for Tokwa’t Baboy Inc. in 2016: Accrued…
A: Calculation of service cost: Particulars Amount Closing benifit obligation 4,929,000 Add:…
Q: How much is the retirement benefit expense taken to profit or loss for the year 2021?
A: Retirement benefit expense are those form of expenses being incurred by the owner or the employer…
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: On January 1, 2021, Period Company provided the following information: Fair value of plan assets…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
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: 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: 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: 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: On December 31, 2020, ABC Company had the following balances in its memorandum records related to…
A: Interest costs = Benefit Obligation, December 31, 2020, x discount rate = P12,000,000 x 12% =…
Q: On December 31, 2020, GHI Company had the following balances in its memorandum records related to…
A: Interest costs = Benefit Obligation, December 31, 2020, x discount rate = P12,000,000 x 12% =…
Q: The following date relate to the defined benefit plan of CCC Company for the year ended December 31,…
A: Solution:- Calculation of amount of re measurement gain or loss that should be included in the other…
Q: Hawkins Corporation has the following balances at December 31, 2020. Projected benefit obligation…
A:
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: The memorandum records of ABC Company at January 1,2020 show the following: Defined Benefit…
A: Defined Benefit Plan:- This is the plan provided to employees by companies for their benefit at…
Q: ual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000…
A: The components of defined benefit cost are recognized as follows Service cost attributable to the…
Q: At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan…
A: solution : given : beginning of the year benefit obligation =P11,000,000 current…
Q: Fair value of plan assets 37,000,000 Defined benefit plan 33,000,000 Asset ceiling 2,500,000 What…
A: Prepaid/accrued benefit cost is the cost which to claim a recurring benefit to be allowed before the…
Q: On January 1, 2019, HULA Co. provided these data concerning its defined benefit plan: Fair value of…
A: Pension is defined as the fund collected from the tax payer or employee during his term of…
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 =…
How much is the prepaid/accrued benefit cost on December 31, 2019?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The following data is available for Mustang Company's defined benefit plan for the year 2019: P 10,500,000 Benefit obligation, January 1 Fair value of plan assets, January 1 11,600,000 Current service cost 3,100,000 Discount rate Benefits paid to retirees Contribution to the plan Actual return on plan assets Decrease in benefit obligation due to remeasurements Past service cost Final settlement payments Present value of settled benefit obligation 12% 1,800,000 2,450,000 1,500,000 400,000 500,000 470,000 550,000 a. How much is the defined benefit cost to be recognized in profit or loss in 2019? b. How much is the defined benefit cost to be recognized in other the comprehensive income in 2019? c. What is the prepaid/accrued benefit cost at December 31, 2019?The following information relates to the defined retirement benefit plan of Integrity Company as of December 31, 2021: Net actuarial gain due to remeasurement of benefit obligation and plan assets taken to OCI - P123,000 Prior service cost due to amendment of plan included in retirement benefit expense - P443,000 Fair value of plan assets - P2,557,000 Accrued benefit obligation - P2,800,000 What amount should be shown in the statement of financial position at December 31, 2021 as Prepaid or Accrued Retirement Benefit Cost? a. P243,000 accrued b. P563,000 accrued c. P323,000 prepaid d. P77,000 prepaidCrane Company provides the following information about its defined benefit pen plan for the year 2025. (a) Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31. 2025. (Enter all amounts as positive.)
- Sandhill Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/lability Accumulated OCI (PSC) (a) As a result of the operation of the plan during 2025, the following additional data are provided by the actuary. Service cost Settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected returson plan assets Unexpected loss from change in projected benefit obligation due to change in actuarial predictions Contributions Benentspaid retirees items Balance, Jan 1, 2025 Service cost $496,400 610,800 interest cost 114400 Actual return 98,000 Dr. Unexpected gain Using the data above, compute pension expense for Sandhill. for the year 2025 by preparing a pension worksheet. (Enter all amounts as positive.) $90.900 54,700 18.300 51.600 76.600 103.700 85,200 Annual Pension Expense C Cath SUPPORTKingbird Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2020 Fair value of plan assets (December 31) Settlement rate Projected benefit obligation (January 1) Service cost (a) Your answer is correct. Compute pension expense. Pension expense for 2020 $ Account Titles and Explanation Pension Expense Pension Asset/Liability $27,200 Cr. 403,300 11,000 150,600 794,200 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $37,100. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Cash 10 % 696,900 79,420 138110…At December 31, 2023, Crane Corporation provided you with the following information: Defined benefit obligation, December 31, 2023 $3,420,000 Plan assets at fair value, December 31, 2023 2,435,000 Past service cost from plan amendment on December 31, 2023 1,005,500 Determine the account and its balance that should be reported on Crane's December 31, 2023 balance sheet if it applies ASPE. Net defined benefit $ How should the $1,005,500 be reported? The $1,005,500 eTextbook a should be reported on balance sheet should be reported separately on the statement of income or in the notes should not be reported
- Vernhey Corporation, which follows ASPE, provides the following information about its defined benefit pension plan for the year 2020: Current service cost Contribution to the plan Past service cost, effective December 31, 2020 Actual return on plan assets Benefits paid Net defined benefit liability at January 1, 2020 Plan assets at January 1, 2020 Defined benefit obligation at January 1, 2020 Interest/discount rate on the DBO and plan assets $144,000 182,600 60,000 160,000 95,000 20,000 1,780,000 1,800,000 9% Instructions 1 Prepare a pension work sheet: insert the January 1, 2020 balances and show the December 31, 2020 balances. Indicate credit entries by parentheses, e g. (25,000). b) Prepare all journal entries. c) What is the amount of the plan's surplus/deficit at December 31, 2020?PUP CAF Company has the following information related to its defined benefit plan for year 2021:> Net defined benefit asset (Pension asset), January 1- P5,000,000> Current Service Cost- P2,700,000> Past Service Cost- P400,000> Interest Expense- P1,000,000> Contribution to the plan- P1,500,000> Benefits paid to retirees- P2,200,000> Actual return on plan assets- P1,350,000> Actuarial loss on plan assets- P150,000> Actuarial gain on projected benefit obligation- P400,000How much is the benefit expense reported in its profit or loss in 2021?Cash in bank (net of bank overdraft of P1,000,000)- P10,000,000· Petty cash (unreplenished petty cash expenses, P20,000)- P100,000· Equity investment at FVPL- P6,000,000 · Notes receivable- P8,000,000· Accounts receivable (net of accounts with credit balances of P3,000,000)- P12,000,000 · Inventory- P6,000,000· Accounts payable (net of accounts with debit balance of P2,000,000)-…The following relates to the define benefit obligation plan for Tokwa’t Baboy Inc. in 2016:Accrued benefit obligation, January 1 4,600,000Accrued benefit obligation, December 31 4,929,000FV of plan assets, January 1 5,035,000FV of plan assets, December 31 5,565,000Actuarial gain due to remeasurement of benefit obligation 32,500Employer contributions 425,000Benefits paid to retirees 390,000Discount rate 10% The service cost for current year would beA. P219,500 B. P226,500 C. P262,500 D. P291,500 . The actual return on plan assets for the year isA. P105,000 B. P495,000 C. P503,500 D. P512,000 What is the retirement benefit expense reported in profit or loss for the year 2016?A. P224,000 B. P242,000 C. P248,000 D. P284,000
- Determining Funded Status As of December 31, 2020, the projected benefit obligation and plan assets of a noncontributory defined benefit plan sponsored by Durasell Inc. were as follows. Account Balances, Dec. 31 2020 Projected benefit obligation $187,200 Plan assets at fair value 180,000 Determine the funded status of Durasell Inc.’s pension plan. Note: Indicate an underfunded plan with a negative sign. Funded status, Dec. 31, 2020Wildhorse Company provides the following information about its defined benefit pension plan for the year 2020. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2020 Projected benefit obligation at January 1, 2020 Accumulated OCI (PSC) at January 1, 2020 Interest/discount (settlement) rate Items Pension Experse Balance, January 1, 2020 91200 Service cost 61801 Interest cost T 62800 Actual return 9800 Amortization of PSC Contributions Benefits Journal entry for 2020 Accumulated OCI, Dec 31, 2019 Balance, Dec 31, 2020 eTextbook and Media List of Accounts $91,200 104,700 9,800 62,800 40,500 632,600 686,700 152,100 9% eTextbook and Media 100003 Dr. Dr. cr. Cash Debit 104700 Prepare the journal entry recording pension expense. (Credit account titles are automatically indented when amount is entered. Do na indent manually. If no entry is required, select "No Entry" for the account titles and…Fed Inc. had the following balances relating to the defined benefit plan on December 31, 2019: Fair value of plan assets 37,000,000 Defined benefit plan 33,000,000 Asset ceiling 2,500,000 What is the prepaid/accrued benefit cost on December 31, 2019? 0 1,500,000 2,500,000 4,000,000 answer not given