On January 1, 2021 STAR Company provided the following data in connection with the defined benefit plan: Fair value of plan assets –₱6,700,000; Projected benefit obligation –₱7,600,000. The accountant revealed the following information for the current year: Current service cost –₱1,750,000; Past service cost –₱300,000; Discount rate – 10%; Expected return on plan assets – 12%; Actual return on plan assets –₱500,000; Contributions to the plan –₱2,000,000; Benefit paid to retirees –₱1,250,000. What is the employee benefit expense on December 31, 2021?

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: U.S. Metallurgical Incorporated reported the following balances in its financial statements and…

A: The objective of the question is to calculate the pension expense, projected benefit obligation,…

Q: U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

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: U.S. Metallurgical Incorporated reported the following balances in its financial statements and…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Carla Vista Corporation has the following information available concerning its postretirement…

A: The post-retirement benefit expense refers to the expenses related to the pension. It is the amount…

Q: Sandhill Corporation had a projected benefit obligation of $3,210,000 and plan assets of $3,371,000…

A: INTRODUCTION: A component's or asset's initial cost is often written down over a specific period of…

Q: Sunland Corporation had a projected benefit obligation of $3,323,000 and plan assets of $3,561,000…

A: Amortization -Amortization is the process of distributing or allocating a long-term liability's or…

Q: At January 1, 2020, Pharoah Corporation had plan assets of $257,000 and a defined benefit obligation…

A: SOLUTION CALCULATION OF EFFECTIVE CHARGING RATE = (1+0.10)*1/2 -1 = 4.88%   INTEREST AMOUNT =…

Q: You have been provided with the following information related to the year 2020. The company is a…

A: Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: At January 1, 2020, HH Company had plan assets of P250,000 and a defined benefit obligation of the…

A: Defined Benefit Obligation refer to the amount of money that a company owes to its employees in the…

Q: Jeff Irvin Company provided the following information for the current year: Current service cost…

A: Total defined cost = Current service cost + Interest on PBO +  Loss on settlement + past service…

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: Required: 1. What is the pension expense at the end of 2021? 2. What is the projected benefit…

A: “Hey, since there are multiple requirements posted, we will answer first three requirements. If you…

Q: orporation, year-end plan assets were $ 2,000,000. At the begi ar cantributions to the pension fund…

A: Return on Plan Assets The return on plan assets includes interest paid, dividends earned, realized…

Q: ABC Company had the following balances relating to its defined benefit plan on December 31, 2020:…

A: A defined benefit plan is a type of pension plan in which an employer promises to provide specified…

Q: Coronado Corporation had a projected benefit obligation of $2,890,000 and plan assets of $3,097,000…

A: Corridor rule says that losses or gains which  exceed 10 % of Higher of Pension benefit obligation…

Q: At the beginning of the current year, the memorandum records of A Company’s defined benefit plan…

A: Actual return on plan assets = Beginning Fair value of plan assets x actual return rate =…

Q: ABC Company operates a defined benefit plan and recognizes actuarial gains and losses in profit or…

A: The corridor approach limits the recognition of actuarial gains and losses in profit or loss. The…

Q: Winner Company’s 2020 memorandum accounts shows the following balances in relation to its defined…

A: Net defined benefit liability:Net defined benefit liability denotes the deficit or surplus between…

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: At the beginning of the current year Paolo Co reported fair value of plan assets at P7,000,000 and…

A: Employee benefits expense are those expenses which involve the short term employee benefits like…

Q: Problem 10-2 On January 1, 2020, EMILY COMPANY reported the fair value of plan assets at P6,700,000…

A:

Q: Carla Vista Corporation had a projected benefit obligation of $3,280,000 and plan assets of…

A: A pension is a retirement plan that provides a fixed or regular income to an individual after they…

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: Projected benefit obligation 5,500,000 Unrecognized actuarial gain 850,000 The transactions for the…

A: The practice of assessing a long-term amount reliability or foreign exchange in a financial…

Q: ord Corporation amended its pension plan on January 1, 2020, and granted $162,540of prior servic…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: how much is the net remeasurement gain/loss at the end of the year?

A: Net re-measurement is the measurement which has been calculated by the company when all the losses…

Q: Calculate the amount that J&J’s retirement fund obligations are underfunded as of each year-end. How…

A: Asset retirement obligation (ARO) is an obligation that arises on the acquisition of some specific…

Q: Buffalo Corporation had a projected benefit obligation of $3,280,000 and plan assets of $3,446,000…

A: Solution:- calculation of the Minimum amortization of the actuarial loss as follows under:-

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: (Select the best answer.) a. O The expected return on plan assets for the year is $7,000 X.08 =$560

A: The expected return on plan assets is the anticipated income from the plan assets during the year.…

Q: Hi! Can someone please help me understand this question? Thank you.

A: The defined benefit plan actuaries at Lauffer Company have found that the projected benefit…

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.