The following information relates to Oriole, Incorporated:Plan assets (at fair value)Pension expenseProjected benefit obligationAnnual contribution to planAccumulated OCI (PSC)For the Year Ended December 31,○ $0.O $540000.O $2460000.O $174000.2025$160800076500019800008100006300002026$22860005940002460000594000540000The amount reported as the liability for pensions on the December 31, 2026 balance sheet is

Answered: The amount reported as the liability…

The amount reported as the liability for pensions on the December 31, 2026 balance sheet is $0. O $540000. O $2460000. O $174000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Research walmart and Review its most recent 10-K report and announcement of quarterly or annual…

A: The objective of the question is to understand how Walmart would account for the cash dividends from…

Q: Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate…

A: The predetermined overhead rate is a key component in the allocation of manufacturing overhead costs…

Q: On January 1, 2024, Presidio Company acquired 100 percent of the outstanding common stock of Mason…

A: Consolidation Statement: A consolidated financial statement is a financial statement that combines…

Q: Sarah's Theatrics, Inc. sells costumes and props. The company incurred the following transactions…

A: Income StatementAn income statement, which is also commonly referred to as a profit and loss…

Q: What are the three steps to assessing internal control risk?

A: Internal control risk is the possible exposure that an organization may have due to defects or…

Q: Batches Incorporated produces joint products L, M, and N from a joint process. Information…

A: Net realizable value is calculated by subtracting the separable processing cost from the sales…

Q: A firm has earnings before interest and taxes of $27,130,net income of $16,220, and taxes of $5,450…

A: The cash flow to creditors is the formula used to determine the net amount paid by the company to…

Q: Activity-Based Supplier Costing Bowman Company manufactures cooling systems. Bowman produces all the…

A: The activity-based costing is used for determining the allocation of overhead to products. This…

Q: To measure inventory management performance, a company monitors its inventory turnover ratio. Listed…

A: The Inventory Turnover Ratio is a financial metric that measures how many times a company's…

Q: Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year.…

A: The objective of this question is to calculate the amount of child and dependent care credit that…

Q: Flounder Ltd., who owes Pharoah Corp. $603,000 in notes payable, is in financial difficulty. To…

A: Lets understand the basics.When borrower is unable to serve debt liability then lender may accept…

Q: Chloe's Cafe bakes croissants that it sells to local restaurants and grocery stores. The average…

A: The formula used are as follows:

Q: The most recent data from the annual balance sheets of Free Spirit Industries Corporation and LeBron…

A: 1. Quick Ratio or Acid Test Ratio is a measure of short-term liquidity and it's ideal ratio is 1:1.…

Q: Prepare a single-step income statement. Notor Entor Y illi.

A: Income statement is a financial statement which shows the total sales revenue and total expenditure…

Q: The objective of general-purpose financial reporting is? to provide users with financial information…

A: Financial reporting refers to communicating financial information. There are two types of financial…

Q: Flay Foods has always used the FIFO inventory costing method for both financial reporting and tax…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: Required: a. Compute the adjusted basis of each partner's interest in the partnership immediately…

A: compute the adjusted basis of each partner's interest in the partnership immediately after the…

Q: The following information is available from the adjusted trial balance of the Harris Vacation Rental…

A: Statement of retained earnings is one of the financial statements that shows change in amount of…

Q: A tabular analysis of the transactions made during August 2025 by Carla Vista Company during its…

A: Income statement is a financial statement that records all the income and expenses of the business…

Q: If total fixed cost of company increases from $250,000 to $300,000, variable cost remainsunchanged…

A: The objective of the question is to determine how changes in fixed costs, variable costs, and…

Q: On March 31, 2024, the Herzog Company purchased a factory complete with vehicles and equipment. The…

A: Depreciation Due to wear and tear, except for land, every fixed asset depreciate is according to a…

Q: PR 10-1B Liability transactions Obj. 1, 5 The following items were selected from among the…

A: Note payable is a current liability. Note payable may be an interest bearing note or a non-interest…

Q: Grixdale Tax Services prepares taxes for individuals. Grixdale offers a simplified pricing model…

A: Break even point is that point where there is no profit or no loss. The contribution margin earned…

Q: A business sublets part of its office accommodation. The rent is received quarterly in advance on 1…

A: The company can record a business transaction using journal entries. for example cash sale…

Q: 3. Assuming BSC entered into no other activities during its first year ended September 30, prepare…

A: Accounting equation: we know that assets = liability + capitalJournal Entry is the primary step in…

Q: Painter Corporation was organized by five individuals on January 1 of the current year. At the end…

A: Income Statement :— It is one of the financial statement that shows profitability of company during…

Q: Which of the following statements is not true about the interactive social system?

A: The one statement regarding the interactive social system that is not true is:A) The boundary line…

Q: During February, $189,000 was pai to creditors on account, and purchases on account were $ 209,400.…

A: The accounts payable represent the credit balance due to be paid to suppliers. The accounts payable…

Q: 1. Prepare the company's income statement for the year ended June 30, 2024. 1. Net Loss $(9,500) 2.…

A: Financial statement means statement which shows the financial position as on date and financial…

Q: 22. Schedule B, Part III, Foreign Accounts and Trusts, must be completed if any of the following…

A: Foreign accounts and trusts refer to financial assets and entities held or established outside of a…

Q: Data for the cost of direct materials for the month ended March 31, 2022, are as follows: Raw…

A: Cost of direct material used is the amount of material directly used in the manufacturing of…

Q: It is January 2nd and senior management of Baldwin meets to determine their investment plan for the…

A: In the event that a stock company requires additional capital, the company has the option of selling…

Q: The following information applies to Emily for 2021. Her filing status is single. Salary Interest…

A: Answer:- Taxable Income:- Every person's or business's compensation that is utilized to calculate…

Q: Required information [The following information applies to the questions displayed below.] Rusties…

A: The overhead is assigned to the production on the basis of the pre-determined overhead rate. The…

Q: Show all of your work for numerical problems. 1. Based on the following information for ABC…

A: The tax liability is computed by multiplying the taxable income by appropriate income tax rate. Cash…

Q: Cambridge Company manufactures plastic bottles that it sells to organizations that manufacture…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: ! Required information [The following information applies to the questions displayed below.] Marco…

A: Predetermined Overhead Rate is the rate used to allocate manufacturing overhead cost to cost object…

Q: Kent Company has a sales budget for next month of $1,000,000. Cost of goods sold is expected to be…

A: Accounts payable is the amount owed by the company which will be due for payment in the future.

Q: Exercise Papa's Pizza Heaven serves take-out pizza from three locations in Columbus, Maryland.…

A: Product costs are those costs that are directly associated with the production of goods or services…

Q: Question Content Area Computer equipment was acquired at the beginning of the year at a cost of…

A: Depreciation: It is expense charged against the Assets over it's useful life.Straight line method of…

Q: Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied…

A: Answer:- Gross margin is calculated as difference between sales and cost of goods sold. The…

Q: Jenna paid foreign income tax of $4,961 on foreign income of $24,806. Her worldwide taxable income…

A: The objective of this question is to calculate the amount of the foreign tax credit (FTC) allowed…

Q: Current Attempt in Progress Selected transactions on the books of Pharoah Corporation follow: May 1,…

A: Bond :— It is one of the source of capital that gives fixed periodic interest and face value at the…

Q: Using the information provided will this produce a favorable or unfavorable Variable Overhead…

A: Variance arises when the actual costs differ from the standard costs. The results are favorable…

Q: Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $39,148, and…

A: Taxable income and tax liability The taxable income is the income that is used to compute the tax…

Q: Record the salaries paid $8, 300 from 2023 (prior year). Record a journal entry

A: The accrual concept recognizes revenues and expenses when they are earned or incurred, regardless of…

Q: Purchase machinery by paying $50,000 down and agreeing on 4 equal installments of $40,000 payable at…

A: Carrying Amount = $40,000 x PVAF (8%, 4) = $40,000 x 3.31213…

Q: Chocolaterie de Geneve, SA, is located in a French-speaking canton In Switzerland. The company makes…

A: The journal entries are prepared to record the transactions on a regular basis. The direct costs are…

Q: The beginning inventory was 490 units at a cost of S8 per unit. Goods available for sale during the…

A: There are inventory system i.e., periodic inventory system and perpetual inventory system. The…

Q: Smoky Mountain Corporation makes two types of hiking boots-Xtreme and Pathfinder. Data concerning…

A: The activity based costing is the method of allocating the manufacturing costs with respect to…

Concept explainers

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.

Question

The following information relates to Oriole, Incorporated:
Plan assets (at fair value)
Pension expense
Projected benefit obligation
Annual contribution to plan
Accumulated OCI (PSC)
For the Year Ended December 31,
○ $0.
O $540000.
O $2460000.
O $174000.
2025
$1608000
765000
1980000
810000
630000
2026
$2286000
594000
2460000
594000
540000
The amount reported as the liability for pensions on the December 31, 2026 balance sheet is

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: the liability for pensions reported on the December 31, 2026

VIEW

Step 2: Given information:

VIEW

Solution

VIEW

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Employee Compensations and Benefits

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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
The following information relates to the pension plan for the employees of Cullumber Co.: 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) O $665200 gain. O $282200 loss. 1/1/20 $110600 gain. $272400 gain. $8140000 8665000 7825000 -0- $ 12/31/20 8560000 9358000 9820000 (1402000 ) 11% 8% 12/31/21 $ 11500000 12907000 10954000 (1570000 ) 11% Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $1213000 in 2021 and benefits paid were $877000. The unexpected gain or loss on plan assets in 2021 is 7%
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 OO
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%
Presented below is pension information related to Sheridan Company as of December 31, 2021: Accumulated benefit obligation Projected benefit obligation Plan assets (at fair value) Accumulated OCI (G/L) $ 3264000 O Pension Asset of $293000. O Pension Liability of $593000. Pension Liability of $293000. Pension Asset of $886000. 3857000 4150000 113000 The amount to be reported as Pension Asset / Liability as of December 31, 2021 is
1. 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.
Information on an entity's plan assets is as follows: Fair value of plan assets, Jan 1 234,000 of Fair value of plan assets, Dec 31 299,000 Contributions to the retirement fund during the 120,000 tion year Benefits paid to retirees 79,000 Actuarial loss 12,000 Discount rate 10% How much is the return on plan assets during the year? O 24,000 O 29,400 O 37,400 O 23,400
The following data are for the pension plan for the employees of Blossom Company. Accumulated benefit obligation Projected benefit obligation Plan assets (at fair value) AOCL - net loss Settlement rate (for year) Expected rate of return (for year) 1/1/25 $5010000 5410000 O $610000. $400000. O $520000. O $320000. 4610000 The actual return on plan assets in 2026 was 0 12/31/25 $5210000 5610000 6010000 970000 9% 7% 12/31/26 $6810000 7410000 6620000 1010000 8% Blossom's contribution was $850000 in 2026 and benefits paid were $760000. Blossom estimates that the average remaining service life is 15 years. 6%
Information on Complicated Company's defined benefit plan is as follows: Fair value of plan assets, Jan. 1 - P480,000; Return on plan assets (Actual rate of return for the period) - 10%; Contributions to the retirement fund during the year - P800,000; Benefits paid to retirees - P200,000. How much is the balance of the fair value of plan assets as of year-end?
Rosaria Co. sponsors a defined benefit pension plan. For the current year ended December 31, thefollowing information relevant to the plan has been accumulated:Defined benefit obligation, 1/1 P11,250,000Fair value of plan assets, 1/1 10,500,000Current service cost 1,050,000Past service cost 2,200,000Actual return on plan assets 600,000Decrease in defined benefit obligation due tochanges in actuarial assumptions300,000Discount rate 8%Requirements:1. In the working papers computations, what balance of plan assets will be determined?2. In the working papers computations, what balance of benefit obligation will be determined?3. Calculate the amount that the entity would recognize in profit or loss for the year in accordancewith the revised PAS 19.4. Calculate the amount that the entity would recognize in other comprehensive income for theyear in accordance with the revised PAS 19.
The following information relates to the pension plan for the employees of Cullumber 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) The corridor for 2026 is 1/1/25 $1102000. $1073600. $1410700. $1212200. $9340000 9865000 9025000 0 12/31/25 $9760000 10558000 11020000 (1522000) 11% 8% 12/31/26 $12700000 14107000 12154000 (1690000) 11% Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $1323000 in 2026 and benefits paid were $987000. 7%
The following information relates to the defined retirement benefit plan of Integrity Company as of December 31, 2021: Net actuarial gain due to remeasurement of benefit obligation and plan assets taken to OCI - P123,000 Prior service cost due to amendment of plan included in retirement benefit expense - P443,000 Fair value of plan assets - P2,557,000 Accrued benefit obligation - P2,800,000 What amount should be shown in the statement of financial position at December 31, 2021 as Prepaid or Accrued Retirement Benefit Cost? a. P243,000 accrued b. P563,000 accrued c. P323,000 prepaid d. P77,000 prepaid