FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 shou…
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Bb.24.

 

Pharoah Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $199,200; projected benefit obligation $248,000. Other data relating to 3 years' operation of the plan are as follows. Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/20) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: Balance, Jan. 1, 2019 Service cost Interest cost Actual return Unexpected loss 2019 Contributions $16,200 10 % 18,200 16,200 13,700 Annual Pension Expense 2020 $19,000 10 % 21,990 40,200 16,100 161,100 54,000 Prepare a pension worksheet presenting all 3 years' pension balances and activities. (Enter all amounts as positive.) '''' 2021 $ $26,200 10 % 23,900 48,300 20,700 42,300 511,800 Cash V
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Transcribed Image Text:Pharoah Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $199,200; projected benefit obligation $248,000. Other data relating to 3 years' operation of the plan are as follows. Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/20) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: Balance, Jan. 1, 2019 Service cost Interest cost Actual return Unexpected loss 2019 Contributions $16,200 10 % 18,200 16,200 13,700 Annual Pension Expense 2020 $19,000 10 % 21,990 40,200 16,100 161,100 54,000 Prepare a pension worksheet presenting all 3 years' pension balances and activities. (Enter all amounts as positive.) '''' 2021 $ $26,200 10 % 23,900 48,300 20,700 42,300 511,800 Cash V
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