Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below. Case 1 ($ in thousands) Case 2 Case 3 Net loss (gain)-AOCI, January 1 $ 321 2024 loss (gain) on plan assets (12) $ (335) (9) 259 3 2024 loss (gain) on PBO (24) 17 Accumulated benefit obligation, January 1 (2,960) Projected benefit obligation, January 1 (3,320) Fair value of plan assets, January 1 2,810 (2,560) (2,680) 2,710 (266) (1,460) (1,710) 1,560 Average remaining service period of active employees (years) 13 16 11 Required: 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2025.
Q: In each of the cases below, assume Division X has a of the same company for use in its production…
A: The price at which two or more related parties transact is called transfer price or transfer cost.…
Q: On January 1, 2024, the general ledger of TNT Fireworks includes the following account balances:…
A: Trial balance is a summary showing the ending balances of all the ledger accounts. The trial balance…
Q: Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders’ equity accounts of Morrow…
A: The objective of the question is to understand the changes in the stockholders' equity accounts of…
Q: How much can Sunland expect to receive from the sale of these bonds? (
A: The maturity value and the cash interest must be converted to the present value to calculate the…
Q: answer with must must explanation ,narrations, computation for each parts and steps answer in text…
A: A journal entry is the recording of a financial transaction in a company's accounting system. It is…
Q: EBITDA removes which of the following from the operating income number? a. Significant variable and…
A: Earnings Before Interest, Taxes, Depreciation, and Amortization is referred to as EBITDA. It is a…
Q: None
A: Flexible budget is the statement prepared by the entity for the purpose of estimating the fixed and…
Q: Seaco Products produced 10,000 gears with the following unit costs: variable manufacturing costs…
A: Absorption costing means where inventory is valued at total manufacturing cost.. Variable costing…
Q: Blaine is a practicing dentist. He operates his business from the basement of his house, with a…
A: The process is made simpler by Blaine's use of the simplified method, which takes into account a…
Q: None
A: The larger stock dividend are issued on the basis of the par value of shares. The stock dividend…
Q: The general ledger for ivanhoe hardware store for the month of may showed cash of $ 4500 and onwers…
A: The question is asking us to understand the financial position of Ivanhoe Hardware Store for the…
Q: nt Aid Home | Federal Student Aid Filling Out the FAFSA® Form F X M Question 6-CH4 Class - Connec X…
A: The objective of the question is to classify the given account titles into the appropriate…
Q: Heather Smith Cosmetics (HSC) manufactures a variety of products and is organized into three…
A: Passive income, or residual income, is revenue that is generated consistently with no work needed to…
Q: A company reports the following amounts at the end of the year: Sales revenue Cost of goods sold Net…
A: Sales revenue$310,000Less: Cost of goods sold210,000Gross profit$100,000
Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.…
A: The journal entries are prepared to record the transactions on a regular basis. The purchase…
Q: Erie Company manufactures a mobile fitness device called the Jogging Mate. The company's labor…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Journalize each of the following transactions assuming a perpetual inventory system and PST at 8%…
A: The objective of the question is to journalize the transactions of purchasing and selling…
Q: The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a…
A: Relevant CostIn Management accounting the term relevant cost is really matters. The relevant cost is…
Q: QUESTION 5 Jackson Company adopted Dollar Value LIFO (DVL) on January 1, 2012 for its one inventory…
A: COGS stands for the cost of goods sold. It measures the direct cost incurred in the operation of the…
Q: Monty Corporation compiled the following information for the current period. Monty uses direct labor…
A: Lets understand the basics.Predetermine overhead is as name suggest determined in advance based on…
Q: Lea, a single individual, turned 72 on May 13, 2022. The fair market value of her 401(k) plan was…
A: Income tax: The income tax refers to the amount that is paid by the taxpayer to the tax authority of…
Q: The Newburg Flyers operate a major sports franchise from a building in downtown Newburg. The…
A: It is a financial ratio used to analyse the financial statements with respect to the profitability…
Q: Question Content Area Depreciation by two methods A storage tank acquired at the beginning of the…
A: Depreciation :For calculating the depreciation of assets we use several methods, some of which are…
Q: None
A: Accounting ratios are financial ratios through which a company can analyze its performance in terms…
Q: Consider the following information pertaining to Old West's inventory: Net Realizable Product…
A: The inventory comprises the cost of units that are not sold yet. The inventory is reported as the…
Q: On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as…
A: The larger stock dividend are issued on the basis of the par value of shares. The stock dividend…
Q: Cisco Systems is purchasing a new bar code-scanning device for its service center in San Francisco.…
A: In tax computations, salvage value is taken into account. Depreciation costs are deducted from…
Q: Required: Royal Cigar Company is preparing a budget for cash collections. Its sales for November and…
A: The companies estimate at the beginning of the period how much of the company sales will be on…
Q: Ewing Corporation sold an office building that it used in its business for $879,381. Ewing bought…
A: A capital gain is the profit on the sale of fixed assets. If the sale price exceeds the adjusted…
Q: The following selected transactions relate to liabilities of Pacific Coast Adventures. Pacific…
A: The promissory note is a promise made by the borrower to repay the debts on maturity with interest…
Q: 5 Check my work Exercise 13-16 (Algo) Extended warranties [LO13-5, 13-6] Carnes Electronics sells…
A: A loss contingency is an expense incurred in anticipation of a future event, like the unfavorable…
Q: Exercise 24-4 (Algo) Payback period, unequal cash flows, and depreciation adjustment LO P1 A machine…
A: The payback period is one of the techniques used in capital budgeting decisions. It depicts the time…
Q: What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers…
A: MACRS Depreciation:-The Modified Accelerated Cost Recovery Scheme (MACRS) is the current tax…
Q: DLW Corporation acquired and placed in service the following assets during the year: (Use MACRS…
A: MACRS Depreciation : MACRS stands for Modified Accelerated Cost Recovery System. This depreciation…
Q: The Jaecke Group, Inc. manufacturers various kinds of hydraulic pumps. In June 2021, the company…
A: The objective of the question is to understand the correct accounting treatment for the transactions…
Q: Peachtree Company borrows $23,000 from the local bank at 5% interest. The term of the note is 5…
A: Under installment note financing, the amount is borrowed with the promise to repay at predetermined…
Q: Prepare the journal entry required on December 31, 2023. (C
A: Depreciation:Depreciation is a systematic allocation of part of asset cost over its useful to income…
Q: The sales volume variance is the difference between the OA. actual results and the expected results…
A: A metric used in variance analysis to assess the discrepancy between the actual and predicted sales…
Q: None
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: n 2008 Anne and Jim established a living trust. Anne and Jim have 2 children Olivia and Patrick…
A: A federal tax is imposed by the government on the transfer of assets upon death. It is dependent on…
Q: The following selected transactions relate to liabilities of Pacific Coast Adventures. Pacific…
A: The line of credit can be defined as an arrangement between the bank and the customer, under this…
Q: Requirement 1. Assume the market interest rate is 5% on January 1 of year 1, the date the bonds are…
A: A bond is an instrument that is a type of loan given by an investor to a borrower. It gives a fixed…
Q: Morganton Company makes one product and it provided the following information to help prepare the…
A: Direct material budget:- This budget is prepared to estimate the number of units and cost of direct…
Q: Bernice sells her house to John on August 1 for $500,000, cash. The yearly real estate taxes (Jan. 1…
A: Federal income tax is a tax levied by the United States federal government on individuals,…
Q: Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending…
A: Under the retail inventory method, a retailer assumes that there exists some observable pattern…
Q: Required Information The Foundational 15 (Algo) [LO11-2, LO11-3, LO11-4, LO11-5, LO11-6] [The…
A: Financial Advantage : Financial advantage means the benefit a company will get if company chooses a…
Q: The manufacturing plant of Carilla Ltd. specializes in crafting specialized pieces for carnival.…
A: The objective of the question is to determine whether Carilla Ltd. should accept a special…
Q: Answer with all working
A: Balance SheetA Balance Sheet is a statement that shows a company's financial position. From this, we…
Q: There are develop a O a. C O b. C Oc. C Od. P 5 e. C
A: Let's start by understanding the many budget forms that community sector organizations and their…
Q: Listed below are the transactions that affected the shareholders' equity of Branch-Rickle…
A: Shares are defined as the company’s holdings that are provided to the investors or any person who…
Step by step
Solved in 3 steps with 2 images
- Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below: Case 1 Net loss (gain)-AOCI, January 1 $ 333 ($ in thousands) Case 2 $ (371) Case 3 279 2024 loss (gain) on plan assets (24) (21) 7 2024 loss (gain) on PBO (36) 29 Accumulated benefit obligation, January 1 (3,080) (2,680) (285) (1,580) Projected benefit obligation, January 1 (3,440) Fair value of plan assets, January 1 2,930 (2,800) 2,830 (1,830) 1,680 Average remaining service period of active employees (years) 10 11 8 Required: es 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2025. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, calculate any amortization of the net loss or gain…Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2021, are shown below: ($ in thousands) Case 1 Case 2 Case 3 Net loss (gain)—AOCI, Jan. 1 $ 337 $ (407 ) $ 297 2021 loss (gain) on plan assets (28 ) (25 ) 5 2021 loss (gain) on PBO (40 ) 33 (301 ) Accumulated benefit obligation, Jan. 1 (3,120 ) (2,720 ) (1,620 ) Projected benefit obligation, Jan. 1 (3,480 ) (2,840 ) (1,870 ) Fair value of plan assets, Jan. 1 2,970 2,870 1,720 Average remaining service periodof active employees (years) 12 15 10 Required:1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2021.2. For each independent case, determine the net loss—AOCI or net gain—AOCI as of January 1, 2022.Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below. Net loss (gain)-AOCI, January 1 2024 loss (gain) on plan assets 2024 loss (gain) on PBO Accumulated benefit obligation, January 1 Projected benefit obligation, January 1 Fair value of plan assets, January 1 Average remaining service period of active employees (years) Required: ($ in thousands) Case 1 Case 2 Case 3 $ 340 $ (410) 281 (31) (28) 6 (43) 36 (3,150) (2,750) (290) (1,650) (3,510) (2,870) 3,000 2,900 (1,900) 1,750 10 12 7 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2025.
- Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2016, are shown below: ($ in 000s) Case 1 Case 2 Case 3 $ (330) (8) 16 (2,550) (2,670) 2,700 Net loss (gain)-AOCI, Jan. 1 2016 loss (gain) on plan assets 2016 loss (gain) on PBO Accumulated benefit obligation, Jan. 1 Projected benefit obligation, Jan. 1 Fair value of plan assets, Jan. 1 Average remaining service period of active employees (years) $ 320 $ 260 (11) (23) (2,950) (265) (1,450) (1,700) 1,550 (3,310) 2,800 12 15 10 Required: 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2016. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2017.Crane Enterprises Ltd. provides the following information about its defined benefit pension plan: Balances or Values at December 31, 2023 Defined benefit obligation Vested benefit obligation Fair value of plan assets $2,710,000 1,629,393 2,255,546 Other pension plan data: Current service cost for 2023 93,000 Actual return on plan assets in 2023 129,000 Return on plan assets in 2023 using discount rate 173,920 Interest on January 1, 2023 defined benefit obligation 250,000 Funding of plan in 2023 91,406 Benefits paid 139,000 (a) Calculate the January 1, 2023 balances for the pension-related accounts if Crane follows IFRS. Defined benefit obligation Fair value of plan assets Net defined benefit +A +A1. Compute 2022 net periodic pension expense. The 2022 records of MPS Company provided the following data related to its noncontributory, defined benefit pension plan (amounts in PO00s): a. Accumulated benefit obligation (report of actuary) Beginning balance P3,000 Service cost 1,200 Interest cost 240 Pension benefits paid Ending balance (400) P4,040 Discount rate used by actuary, 8% b. Plan assets at fair value (report of trustee): Beginning balance Actual return on plan assets Contributions P2,400 168 1,016 (400) Pension benefits paid Ending balance Р3,192 Expected long-term rate of return of plan assets, 7% c. January 1, 2022, balance of unrecognized prior service cost, gains and losses, and transaction cost, zero.
- Help Save & Exit Submit Hall of Fame Co. has a defined benefit pension plan. Two alternative possibilities for pension-related data for the current calendar year are shown below: Case 1 (232,200) S 212,000 (6,100) 12,100 (1,510,000) (1,710,000) 2,010,000 Саве 2 Net loss (gain), Jan. 1 Loss (gain) on plan assets Loss (gain) on PB0 ABO, Jan. 1 PBO, Jan. 1 Plan assets, Jan.1 Average remaining service period of active employees (years) 2,100 (221,000) (1,360,000) (1,610,000) 1,460,000 12 10 Required: 1. For each independent case, calculate amortization of the net loss or gain that should be included as a component of pension expense for the current year. 2. Determine the net loss or gain as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, calculate amortization of the net loss or gain that should be included as a component of pension expense for the current year. (Input all amounts as…2. Give the 2022 entries for MPS Company to record pension expense and funding. The 2022 records of MPS Company provided the following data related to its noncontributory, defined benefit pension plan (amounts in PO005): a. Accumulated benefit obligation (report of actuary) Beginning balance P3,000 1,200 Service cost Interest cost 240 Pension benefits paid Ending balance (400) P4,040 Discount rate used by actuary, 8% b. Plan assets at fair value (report of trustee): Beginning balance Actual return on plan assets Contributions 400 168 Pension benefits paid Ending balance 1,016 (400) P3,192 Expected long-term rate of return of plan assets, 7% c. January 1, 2022, balance of unrecognized prior service cost, gains and losses, and transaction cost, zero.Vaughn Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020Projected benefit obligation $2,726,600Accumulated benefit obligation 1,982,100Fair value of plan assets 2,293,300Accumulated OCI (PSC) 208,700Accumulated OCI—Net loss (1/1/20 balance, 0) 45,700Pension liability 433,300Other pension plan data for 2020: Service cost $94,700Prior service cost amortization 42,100Actual return on plan assets 129,100Expected return on plan assets 174,800Interest on January 1, 2020, projected benefit obligation 252,800Contributions to plan 93,100Benefits paid 138,800 Collapse question part(a) Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension ExpenseService Cost$94700Interest Cost252800Expected Return on Plan Assets(174800)Prior Service Cost…
- Vaughn Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020Projected benefit obligation $2,726,600Accumulated benefit obligation 1,982,100Fair value of plan assets 2,293,300Accumulated OCI (PSC) 208,700Accumulated OCI—Net loss (1/1/20 balance, 0) 45,700Pension liability 433,300Other pension plan data for 2020: Service cost $94,700Prior service cost amortization 42,100Actual return on plan assets 129,100Expected return on plan assets 174,800Interest on January 1, 2020, projected benefit obligation 252,800Contributions to plan 93,100Benefits paid 138,800 Collapse question part(a)Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension ExpenseService Cost$94700Interest Cost252800Expected Return on Plan Assets(174800)Prior Service Cost…Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2024 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2024 Pension benefits paid Balance, December 31, 2024 ($ in millions) $ 480 82 24 (10) (40) $ 536 Plan Assets ($ in millions) Balance, January 1, 2024 $ 500 Actual return on plan assets 40 (Expected return on plan assets, $45) Cash contributions 70 Pension benefits paid (40) Balance, December 31, 2024 $ 570 January 1, 2024, balances: ($ in millions) $ 20 48 80 Pension asset Prior service cost-AOCI (amortization $8 per year) Net gain-AOCI (any amortization over 15 years) Required: 1. to 3. Prepare the journal entries required for the pension during 2024. 4. Determine the balances at December 31, 2024, in the net gain-AOCI, and prior service cost-AOCI. [Hint: You might…Herring Wholesale Company has a defined benefit pension plan. On January 1, 2024, the following pension related data were available: Net gain-AOCI Accumulated benefit obligation Projected benefit obligation Fair value of plan assets Average remaining service period of active employees (expected to remain constant for the next several years) 1. Amount amortized to 2024 pension expense 2. Pension expense 3. Net gain ($ in thousands) $ 349 3,070 3,100 2,600 The rate of return on plan assets during 2024 was 9%, although it was expected to be 10%. The actuary revised assumptions regarding the PBO at the end of the year, resulting in a $42,000 decrease in the estimate of that obligation. Required: 1. Calculate any amortization of the net gain that should be included as a component of net pension expense for 2024. 2. Assume the net pension expense for 2024, not including the amortization of the net gain component, is $344,000. What is pension expense for the year? 3. Determine the net…