Exercise 17-5 (Algo) Determine pension plan assets [LO17-4]The following data relate to Ramesh Company's defined benefit pension plan:($ in millions)$790Plan assets at fair value, January 1Expected return on plan assetsActual return on plan assets7963Contributions to the pension fund (end of year)138Amortization of net loss16Pension benefits paid (end of year)Pension expense24110Required:Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be decshould be indicated with a minus sign.)

Closing balance of pension plan assets at fair value = Beginning balance of pension plan assets +…

Answered: Exercise 17-5 (Algo) Determine pension…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Analyzing and Interpreting Pension DisclosuresAssume E.I. Du Pont De Nemours and Co.'s 10-K report has the following disclosures related to its retirement plans ($ millions). Pension Benefits ($ millions) 2010 2009 Change in benefit obligation Benefit obligation at beginning of year $ 22,849 $ 22,935 Service cost 383 388 Interest cost 1,228 1,192 Plan participants' contributions 13 9 Acturarial loss (gain) (728) (244) Benefits paid (1,544) (1,506) Amendments -- (1) Net effects of acquisitions/divestitures 5 76 Benefit obligation at end of year $ 22,206 $ 22,849 Change in plan assets Fair value of plan assets at beginning of year $ 22,249 $ 20,132 Actual gain on plan assets 1,927 3,306 Employer contributions 277 280 Plan participants' contributions 13 9 Benefits paid (1,544) (1,506) Net effects of acquisitions/divestitures -- 28 Fair…
Analyzing and Interpreting Pension DisclosuresAssume E.I. Du Pont De Nemours and Co.'s 10-K report has the following disclosures related to its retirement plans ($ millions). Pension Benefits ($ millions) 2010 2009 Change in benefit obligation Benefit obligation at beginning of year $ 22,849 $ 22,935 Service cost 383 388 Interest cost 1,228 1,192 Plan participants' contributions 13 9 Acturarial loss (gain) (728) (244) Benefits paid (1,544) (1,506) Amendments -- (1) Net effects of acquisitions/divestitures 5 76 Benefit obligation at end of year $ 22,206 $ 22,849 Change in plan assets Fair value of plan assets at beginning of year $ 22,389 $ 20,272 Actual gain on plan assets 1,903 3,306 Employer contributions 277 280 Plan participants' contributions 13 9 Benefits paid (1,544) (1,506) Net effects of acquisitions/divestitures -- 28 Fair value of plan assets at end of year $ 23,038 $ 22,389 Funded status U.S. plans with plan…
Subject : Accounting
Problem 17-161 The following information relates to Hatami Company's defined benefit pension plan during the current reporting year: Plan assets at fair value, January 1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) Amortization of net loss $680, 000,000 58,000,000 48,000,000 98,000,000 Pension benefits paid (end of year) Pension expense 40, 000,000 68,000,000 Required: Determine the balance of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.) Pension Plan (S in millions) Plan assets beginning of the year Plan assets end of the year
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Bahamasair. has three defined benefit pension plans as follows. Projected Benefit Obligation Pension Assets (at Fair Value) Plan X $600,000 900,000 550,000 $500,000 720,000 700,000 Plan Y Plan Z Using Tabular form calculate Pension Asset/Liability. What amount is reported on it Balance Sheet
The following information relates to the pension plan for the employees of Blossom Company: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) 1/1/25 $7940000 8465000 7625000 O $26250. O $17456. O $20238. O $14188. 0 12/31/25 $8360000 9158000 9620000 (1382000) 11% 8% 12/31/26 $11300000 12707000 10754000 (1550000) 11% 7% Blossom estimates that the average remaining service life is 16 years. Blossom's contribution was $1323000 in 2026 and benefits paid were $987000. The amount of AOCI (net gain) amortized in 2026 is
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The following are made available for the defined benefit pension plan of ABC Company as of Dec 31, 20X3: Fair Value of plan asset, Jan 1, 20x3 The actual return of plan assets Payment made to retirees Payment for pension benefits settled on active employees Contribution during the year Discount Rate What is the fair value of plan assets as of Dec 31, 20x3? 1,500,000 225,000 300,000 200,000 250,000 6%
Not a graded assignment
M10-18. Analyzing and Interpreting Pension Disclosures-Plan Assets and Cash Flow YUM! Brands Inc. discloses the following pension footnote in its 10-K report. Pension Plan Assets ($ millions) Fair value of plan assets at beginning of year Actual return on plan assets. Employer contributions Benefits paid.. Fair value of plan assets at end of year. 2018 $864 (49) 13 (73) $755 a. How does the "actual return on plan assets" of $(49) million affect YUM!'s reported profits for 2018? b. YUM! Brands contributed $13 million cash to the pension plan investment account (asset) during the year. Which of the following is true? i. YUM! recognized the $13 million cash payment as a pension expense in 2018. ii. YUM! did not recognize the $13 million cash payment as a pension expense in 2018 because it is not tax deductible. iii. YUM! did not recognize the 13 million cash payment as a pension expense in 2018 because it relates to employees' service in prior periods. iv. YUM! did not recognize the $13…
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