A pension plan paid out benefits amounting to $343,200 during the year to retired plan members. The entry reflected in a pension fund work sheet should show Select one: a. DEBIT-Plan Assets; CREDIT-Cash. b. DEBIT-Plan Expenses; CREDIT-Cash. c. DEBIT-Plan Expenses; CREDIT-Plan Assets. d. DEBIT-Defined Benefit Obligation; CREDIT-Cash. e. None of the above.
Q: daily volatility is 1%. Use the quadratic change in the portfolio value.
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: At the beginning of the year, Cullumber had beginning inventory of 1680 scooters. Cullumber…
A: The sales budget is prepared to record the sales revenue earned during the period.
Q: Copy equipment was acquired at the beginning of the year at a cost of $51,850 that has an estimated…
A: Formulas: Depreciable cost = Cost - estimated residual value Depreciation rate = Depreciable cost /…
Q: S11-4 Accounting for a note payable On December 31, 2013, Edgmont purchased $10,000 of merchandise…
A: Journal is the book of original entry in which all the financial transactions of the business are…
Q: A strategic business unit (SBU) is a subsidiary within a firm, which participates within a given…
A: A strategic business unit is a profit center that concentrates on product offerings and market…
Q: Calculate the current ratio in each of the following separate cases. Current Assets Current…
A: The current ratio is calculated as current assets divided by current liabilities.
Q: Which of the following are most likely to be internal service fund activities? (multiple answers…
A: Government funds are the funds created by government organizations for specific purposes of…
Q: A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the…
A: Lets understand the basics. Journal entry is required to make to record event and transaction happen…
Q: During the accounting period, Munoz purchased $238,300 of raw materials and issued $249,500 of…
A: Cost of goods manufactured shows total costs incurred on manufacturing of goods. It includes direct…
Q: Wheaton Tire Inc., [WTI] reported the following excerpts from shareholders’ equity on January 1,…
A: Dividend - Dividend is the amount of profit distributed to the common and preference shareholder's.…
Q: Provide the objectives for a successful audit program according to ISO9001:2015
A: An audit program according to ISO 9001:2015 is the one which involves commitments, responsibility…
Q: Appraisers who use residential real estate appraisal forms a) Are exempt from USPAP regulations b)…
A: Here to discuss the details of the Appraisal form used by the Appraiser for their appraiser work in…
Q: Lily, Inc., is preparing its direct labor budget for 2022 from the following production budget based…
A: GIVEN Lily, Inc., is preparing its direct labor budget for 2022 from the following production…
Q: A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the…
A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…
Q: Special-Order Decision, Alternatives, Relevant Costs Sequoia Paper Products, Inc., manufactures…
A: In case business has two alternatives of either making or purchasing the product from outside…
Q: Katayama Company produces a variety of products. One division makes neoprene wetsuits. Thedivision’s…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500,…
A: Notes receivable is a negotiable instrument. In this one-party agree to pay a certain amount to…
Q: If a firm wishes to achieve immediate appreciation in earnings per share as a result of a merger,…
A: Appreciation- Appreciation, in universal terms, is a raise in the worth of an asset over time. The…
Q: Tart Restaurant Holdings, Incorporated began the year with a retained earnings balance of $950,000.…
A: Retained earnings is the amount of earnings accumulated over the period of time. Net income will…
Q: 1. If Jason accepts the special order, by how much will his income increase or decrease?
A: If Jason accepts the special order, $3,160 will his income increase.
Q: Under IFRS, any difference between the pension expense and the payments into the pension fund plan…
A: Pension expense and the contribution to pension fund are recorded through pension liability/asset…
Q: Which of the following would describe a callable bond?
A: A bond is a liability on which a specific percentage of interest has to be paid by the issuer over…
Q: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual…
A: Formula: Interest amount = Accounts payable amount x Interest rate x Time period
Q: Keller Corporation (the lessee) entered into a general equipment lease with Dallo Company (the…
A: GIVEN Keller Corporation (the lessee) entered into a general equipment lease with Dallo Company…
Q: The City of Bernard has property tax $500,000 in 2020. Receivables at year-end: Property taxes…
A: Lets understand the basics. For calculating property tax receivable at year end, we need to use…
Q: 1. Ignore the special study, and determine whether the track assembly should be produced internally…
A: Internal variable costs of manufacturing the component: Details Amount ($) Direct…
Q: med annual salaries $65,000, $70,000, $75,000, $80,000, and $85,000, pectively. Under Harris 's…
A: The retirement benefits depends on the number of years in service and some percentage of salary of…
Q: McDollibee Trial Balance June 30, 2019 Debit P Credit P 5,500 800 15,670 P 21,970 5 Collected P 850…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: The concrete pavemen requires $15,000 of repair during years 12, 25 and 40. The asphalt pavement…
A: Concept of PWF and LCC
Q: Warren Company has a hurdle rate of 11.2%. a. Calculate the return on investment for each division.…
A: a)Calculation of return on investments as follows under:-
Q: Waterway Industries is considering the replacement of a piece of equipment with a newer model. The…
A: Depreciation is the reduction in the value of an asset due to normal wear and tear, passage of time,…
Q: Ella Ltd purchased 20% of the shares of Monica Ltd on 1 January 20X2. This purchase resulted in Ella…
A: Solution: JOURNAL ENTRIES a) Using Equity Method Date…
Q: When non-par value shares are reacquired at a cost greater than their average issue price and…
A: Stock that has no par value is known as no-par value stock. The price that investors are ready to…
Q: Holly and Luke formed a partnership, investing $240,000 and $80,000, respectively. Determine their…
A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…
Q: Presented is information related to Biklo Co. for the month of January 2008. Freight-in Php 100,000…
A: In the context of the given question, we should prepare the income statement of Biklo Co. for the…
Q: The Land Company wants to raise its working capital. After analysis of the available options, the…
A: Share Warrant The purpose of issuing the share warrant to get the opportunity to use these warrant…
Q: If a tenant fixes an item in a rental and takes a deduction from the rent to reimburse themselves,…
A: Concept of Income under head house property
Q: Solution: One (1) Game Fixed Cost for Food (P100,000) Space (P240,000) Booth Space (P1,750) Total…
A: Break Even Point: Break Even Point is the Point of sales where the entity neither earns any profits…
Q: Johnson contributes property to a partnership with a $400,000 value and a $300,000 basis for a 10%…
A: Partnership is a formal agreement between two or more than two partners. In this partners…
Q: 12. Select the statement that is incorrect concerning the appropriations of retained earnings. a.…
A: Retained earnings is the amount of earnings that is accumulated over the period of time. This is an…
Q: Horner Company buys a delivery van with a list price of $3,000,000. The dealer grants a 15%…
A: Fixed assets are those assets which are being held by the business for longer period of time and all…
Q: Greiner Company makes and sells high-quality glare filters for microcomputer monitors. John Craven,…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Journal entries? Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Longmont Corporation earned net income of $90,000 this year. The company began the year with 600…
A: Introduction: EPS : EPS stands for Earnings per share. It tells the profit earned on each…
Q: ed eamings Tota ng stockhol
A: The dividend can be issued either via Cash or via Stock, However Both ways dividend is paid…
Q: B-Marts' large proportion of merchandise held on consignment from suppliers. Which account balance…
A: Audit is the process of checking and verifying books of account of the business in order to ensure…
Q: Write short notes on the assumptions that need to be considered while preparing a financial…
A: The organization and operation of a business are defined by key accounting assumptions. They…
Q: Discuss the importance of accounting for multiple performance obligations in a revenue arrangement…
A: Here discuss about the importance of the performance obligation which are identified in the contract…
Q: Sell at Split-Off or Process Further Decision, Alternatives, Relevant Costs Betram Chemicals Company…
A: The sales value at split-off is a technique for allocating joint costs to joint goods depending on…
Q: Zyra Company is conducting an initial public offering of 2,500,000 shares. Zyra Company already had…
A: In the context of the given question, we compute the tax on the initial public offer. First, we need…
The entry reflected in a pension fund work sheet should show
Step by step
Solved in 2 steps
- Based upon this information, how would I make the following journal entries? Record annual pension expense. Record the change in plan assets. Record the change in the PBO. Record the cash contribution to plan assets. Record the retiree benefits paid.The following Incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions) Debit (Credit) Beginning balance Service cost Interest cost Expected return on assets Gain/loss on assets Amortization of: Prior service cost Net gain/loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance What was the actuary's Interest (discount) rate? Multiple Choice O 17% PBO (300) (12) Prior Plan Service Net Pension Net Pension Assets Cost (Gain)/Loss Expense Cash (Liability)/Asset 43 (185) 83 (88) 866 (11) (5) 6 (96) 77 51 (60)You have the following information related to Chalmers Corporation's pension plan: Use the PV of 1, PVAD of 1, and PVOA of 1 tables where appropriate. (Use the appropriate factor(s) from the tables provided.) a. Defined benefit, noncontributory pension plan. b. Plan initiation, January 1, 20X3 (no credit given for prior service). c. Retirement benefits paid at year-end with the first payment one year after retirement. d. Assumed discount rate of 7%. e. Assumed expected rate of return on plan assets of 9%. f. Annual retirement benefit equals years of credited service × 0.02 x highest salary. g. Chalmers made $1,200 contributions to the pension fund at the end of each year. h. The actual returns were $0 and $48 in 20X3 and 20X4, respectively. i. Information for Frank Bullitt, the firm's only employee, follows: January 1, 20X0 December 31, 20Y7 (15 years from plan inception) Start date Expected retirement date Expected number of payments during retirement 20 Selected actual and expected…
- A company that sponsors a defined benefit plan records an entry to debit OCI-Pension Gain/Loss for $5,000 and credit Plan Assets. The company uses the corridor approach to amortize Accumulated OCI-Pension Gain/Loss. This entry indicates that Select one: O a. The expected return on plan assets exceeded actual return on plan assets. O b. The actual return on plan assets exceeded the expected return on plan assets. O c. The beginning balance in Accumulated OCI-Pension Gain/Loss exceeded the corridor. O d. The beginning balance in Accumulated OCI-Pension Gain/Loss did not exceed the corridor. e. a and c f. b and d OOLuciana Fashions calculated pension expense for its underfunded pension plan as follows: Service cost Interest cost Expected return on the plan assets ($100 actual, less $10 gain). Amortization of prior service cost Amortization of net loss Pension expense by by ($ in millions) $ 224 ($ in millions) 150 (90) Required: Which elements of Luciana's balance sheet are affected by the components of pension expense? What are the specific changes in these accounts? Note: Enter your answers in millions. 8 2 $ 294Required: 1-a. Determine Douglas-Roberts's pension expense for 2021 1-b, 2. to 4. Prepare the appropriate journal entries to record the pension expense, to record any 2021 gains and losses, to record the cash contribution to plan assets and to record retiree benefits Complete this question by entering your answers in the tabs below. Req 1A Req 18 and 2 to 4 Prepare the appropriate journal entries to record the pension expense, to record any 2021 gains and losses, to record the cash contribution to plan assets and to record retiree benefits. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (Le 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 1 2 3 1 Record annual pension expense Note: Exer debts before credits 4 5 Genet Jumal Det Credit View general journal
- The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). Prior ($ in millions) Debit(Credit) Plan Service Net Pension Net Pension PBO Assets Cost (Gain)/Loss Expense Cash (Liability)/Asset Beginning balance Service cost (700) 28 (90) 62 Interest cost 49 Expected return on assets Gain/loss on assets 68 (2) Amortization of: Prior service cost Net gain/loss (7) Loss on PBO (8) Contributions to fund (45) Retiree benefits paid (65) 730 (81) Ending balance What was FRC's pension expense for the year? Multiple Choice $44 million. Next > < Prev 20 of 39 Show Question no....pages Question no....pagesi -pdf MacBook AirThe following information relates to Schmidt Sausage Company's defined benefit pension plan during the current reporting year: Plan assets beginning of the year Expected return on plan assets Actual return on plan assets Cash contributions Amortization of net loss Retiree benefits ($ in millions) Pension plan assets of the year $ 580 58 49 78 9 10 Required: Determine the amount of pension plan assets at fair value on December 31. Note: Enter your answers in millions.The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions)Debit(Credit)PBO Plan Assets Prior Service Cost Net(Gain)/Loss Pension Expense Cash Net Pension (Liability)/Asset Beginning balance (740) 32 (94) Service cost 66 Interest cost 37 Expected return on assets 72 Gain/loss on assets (4) Amortization of: Prior service cost (10) Net gain/loss 5 Loss on PBO (12) Contributions to fund (49) Retiree benefits paid (69) Ending balance 745 (85) What was the net pension asset/liability reported in the balance sheet at the end of the year? Multiple Choice Net pension liability of $41 million. Net pension asset of $58 million. Net pension…
- Which of the following journal entries would be recorded when an entity contributes cash to its defined benefit pension plan? Select one: а. DR Cash; CR Net defined benefit liability O b. DR Pension assets; CR Cash Ос. DR Cash in trust; CR Cash O d. DR Net defined benefit liability; CR CashAssume that actual returns and expected returns to plan assets in a defined benefit pension plan are +$10 and +$12, respectively. What is the effect in the current period on pension expense? Select One: a.Pension expense is increased by $10 b.Pension expense is reduced by $10 c.Pension expense is reduced by $12 d.None of the listed answersNet interest cost is a component of pension expense under IFRS. How is net interest cost calculated? Select one: O a. The increase in the DBO over the period, net of the increase in the plan assets over the period. O b. Interest expense on the DBO, net of actual interest income earned on plan assets. O c. Interest expense on the defined benefit obligation (DBO), net of expected interest income earned on plan assets. O d. The increase in the DBO over the period, net of the increase in the plan assets over the period.