Sheffield Co. had the following amounts related to its pension plan in 2020. Actuarial liability loss for 2020 Unexpected asset gain for 2020 Accumulated other comprehensive income (G/L) (beginning balance) $26,800 17,300 6,300 Cr. Determine for 2020 (a) Sheffield's other comprehensive income (loss) and (b) comprehensive income. Net income for 2020 is $23,900; no amortization of gain or loss is necessary in 2020. (Enter loss using elther a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) (a) Other comprehensive income (loss) (b) Comprehensive income (loss)

Sheffield Co. had the following amounts related to its pension plan in 2020. Actuarial liability loss for 2020 Unexpected asset gain for 2020 Accumulated other comprehensive income (G/L) (beginning balance) $26,800 17,300 6,300 Cr. Determine for 2020 (a) Sheffield's other comprehensive income (loss) and (b) comprehensive income. Net income for 2020 is $23,900; no amortization of gain or loss is necessary in 2020. (Enter loss using elther a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) (a) Other comprehensive income (loss) (b) Comprehensive income (loss)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 1E

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The actuary for the pension plan of Buffalo Inc. calculated the following net gains and losses. Incurred during the Year (Gain) or Loss 2020 $302,700 2021 476,700 2022 (209,000) 2023 (288,200) Other information about the company’s pension obligation and plan assets is as follows. As of January 1, Projected BenefitObligation Plan Assets(market-related asset value) 2020 $3,993,500 $2,394,800 2021 4,542,200 2,203,200 2022 4,952,900 2,575,400 2023 4,228,400 3,066,100 Buffalo Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 4,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization.Compute the…
The actuary for the pension plan of Gustafson Inc. calculated the following net gains and losses. IncurredDuring the Year (Gain) or Loss 2020 $300,000 2021 480,000 2022 (210,000) 2023 (290,000) Other information about the company's pension obligation and plan assets is as follows. As of January 1, Projected BenefitObligation Plan Assets(market-related asset value) 2020 $4,000,000 $2,400,000 2021 4,520,000 2,200,000 2022 5,000,000 2,600,000 2023 4,240,000 3,040,000 Gustafson Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 5,600. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Instructions (Round to the nearest dollar.) Prepare a…
Norton Co. had the following amounts related to its pension plan in 2020. Actuarial liability loss for 2020 $28,0000,0 Unexpected asset gain for 2020 18,0000,0 Accumulated other comprehensive income (G/L) (beginning balance) 7,000 Cr. Determine for 2020 (a) Norton's other comprehensive income (loss) and (b) comprehensive income. Net income for 2020 is $26,000; no amortization of gain or loss is necessary in 2020.
The actuary for the pension plan of Carla Vista Company calculated the following net gains and losses: Incurred during the Year (Gain) or Loss 2025 $(634,000) 2026 250,000 2027 1,020,000 2028 393,000 Other information about the company's pension obligation and plan assets is as follows: Projected Benefit As of January 1 Obligation Plan Assets (market-related asset value) 2025 $3,957,000 $3,563,000 2026 4,608,000 3,543,000 2027 4,690,000 3,729,000 2028 5,257,000 4,386,000 Carla Vista Company has a stable labor force of 250 employees who are expected to receive benefits under the plan. The total service- years for all participating employees are 2,750. The beginning balance of Accumulated OCI (G/L) is zero on January 1, 2025. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Compute the minimum amount of Accumulated OCI (G/L) amortized as a component of net…
Boey Company reported net income of $25,000 in 2021. It had the following amounts related to its pension plan in 2021: actuarial liability gain $10,000, unexpected asset loss $14,000, accumulated other comprehensive income (G/L) (beginning balance), zero. Determine for 2021 (a) Boey's other comprehensive income, and (b) comprehensive income.
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