The following information is related to the defined benefit pension plan of Dreamworld Company for the year: Service cost $ 60,000 Contributions to pension plan 110,000 Benefits paid to retirees 150,000 Plan assets (fair value), January 1 640,000 Plan assets (fair value), December 31 750,000 Actual return on plan assets 150,000 PBO, January 1 900,000 PBO, December 31 960,000 Discount rate 10 Long-term expected return on plan assets 9 Assuming no other relevant data exist, what is the pension expense for the year? 1. A) $190,000. 2. B) $92,400. 3. C) $60,000. 4. D) $170,000.
Q: Venturer B contributed technology with a fair value of $900,000 for a 53% interest n JV. All three…
A: A joint venture refers to an agreement between two or more parties to develop a single enterprise…
Q: ing intangible assets should be shown as a separate item on the balance sheet? Goodwill Franchise…
A: Goodwill is occurs when there is a merger or acquisition between two companies . It represent the…
Q: mazon purchased a piece of land for $5 million and plans to build a $25 million distrib rarehouse to…
A: Depreciation refers to the fall in the value of tangible assets over time. Tax is the mandatory…
Q: Based on the advantages and disadvantages of each of the following forms of businesses, give an…
A: There are different forms that can be used by an businesses to run it self it totally depends upon…
Q: Basic Variance Analysis, Revision of Standards, Journal Entries Petrillo Company produces engine…
A: GIVEN Petrillo Company produces engine parts for large motors. The company uses a standard cost…
Q: Atlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The…
A: The practice of replacing an anticipated cost for an actual cost in accounting records is known as…
Q: Dupont Corp. recently discontinued operations on one of its four branches, the branch is now…
A: Discontinued operations are that portion of the business of the company which has been closed off or…
Q: Question AS A company manufactures and sells one product. Budgeted sales units for the next period…
A: Units to be Produced = Closing Inventory + Expected Units Sold - Opening Inventory
Q: Requirement: 1) Calculate the investment center's Sales Margin, Capital Turnover, Return on…
A: Answer:
Q: Scenario: The 2021 comparative balance sheet and income statement of Auga Company Ltd, have…
A: Statement of Cash Flows - Statement of Cash Flows show the movement of cash in the financial year.…
Q: On January 1, 2020, Growth Inc. (Growth) purchased, in US funds, $500,000 of bonds of Big Company…
A: Bonds: Bonds are the long term liabilities of a company for which the payment is done at the end of…
Q: Judy Company uses the retail inventory method to approximate its ending inventory. The following…
A: It is one of the inventory valuation method to determine the value of inventory at store. This…
Q: The Garnet Trading spent P1,440,000 in acquiring a patent on January 3, 2011. Due to the competitive…
A: Intangible Assets: Intangible assets are the resources of company having economic life of greater…
Q: Reconstruct the company’s comparative balance sheet for 2020/2021 using the information in table…
A: As per our protocol we provide solution to the one question only but as you have asked two separate…
Q: Multiple-Product Break-Even and Target Profit Vandenberg, Inc., produces and sells two products: a…
A: Cost-volume-profit analysis shows the relationship between the cost and volume level to get a…
Q: Item to Classify Standard Actual Sales Revenue 832,000 853,000 Wages 137,000 141,200 SGA Expenses…
A: Sometimes the terms revenue and sales revenue are used interchangeably. Sales revenue, on the other…
Q: You are required to calculate the cost per unit of each product A and B based on: a. Traditional…
A: Answer:
Q: Prepare the JOURNAL ENTRY to record the transactions of DALISAY Tailoring Shop for the month of…
A: A Journal is a book in which business transactions are recorded in the order in which they occur,…
Q: Auga Company Ltd Comparative Balance Sheet December 31, 2021 and 2020 2021 2020 Increase/(Decrease)…
A: Non-Cash Investing and Financing Activities - This will not be part of Cash flow statement. This…
Q: Treasury shares are most often reported as: A) A reduction of total shareholders' equity. B) A…
A: Treasury stock are the stocks which are bought back by the company , thus this reacquired stocks…
Q: Required: Prepare comparative statement of income and retained earnings.
A: Answer:
Q: All of the following statements are correct, except, a. An investor may have significant influence…
A: The correct answer is given in the following steps for your reference in the following steps.
Q: When the auditor wants to test the asset for impairment, the auditor would most likely be concerned…
A: Impairment of assets means reducing the book value of assets when carrying amount is more than…
Q: normally sells for $34. If accepted, Goodman will have to pay an additional shipping charge of…
A: Variable Manufacturing cost for each unit is a relevant cost as it is the cost to be incurred on…
Q: Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services…
A: Shareholders' equity (or corporate net worth) is a measurement of how much money or earnings a…
Q: Which of the following items is classified as PPE? Land being sold in the ordinary course of…
A: Noncurrent assets like PP&E have a useful life of more than one year, but usually, they last for…
Q: hich of the following does describe intangible assets? They are not lack physical existence. They…
A: There are of of two types of asset 1) Tangible asset 2) Intangible asset It can be both short term…
Q: From the following particulars of Al Zahra LLC for the year 2019, a. Al Zahra LLC. sold goods to…
A: For preparing the journal entries following calculations are done:- Note 1: Particulars Total…
Q: 26. A xerox machine cost of P120,000 after making 800,000 photo copies the trade-in value of the…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: As expert, re-write the above description correcetly.
A: Inventory is the goods which the company is having and which the company has held in order to sell…
Q: David has a contract to buy 900 metres of cloth each month for $7 per month. From each 3 meters of…
A: Obligation refers to the act of fulfillment of an unconditional responsibility. This responsibility…
Q: A 401(k) plan: A- is a type of defined contribution plan. B- is a type of defined benefit plan. C-…
A: The question is related to the Retirement Benefit Plan.
Q: (a) Sold merchandise for $645. The cost of goods sold was $375. (b) Sold merchandise for $432 and…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: The following information pertains to Havana Corporation's defined benefit pension plan: ($ in…
A: Service costs = Ending PBO - Interest costs + benefit paid to retirees - Beginning PBO where,…
Q: Pls answer number 9 with solutions QUELL Co. owes PUT DOWN Bank ₱4,000,000 plus accrued interest of…
A: The loan is the financial assistance taken from the third party as a debt that is repayable along…
Q: The 2021 comparative balance sheet and income statement of Auga Company Ltd, have just been…
A: Statement of Cash Flow - Statement of Cash flow represents the movement of Cash during the financial…
Q: olve q
A: In an accrual basis income is recorded when it is earned or accrued and In the cash basis system,…
Q: appropriation account and the current account for
A: Paul and Carl are partner sharing profit in their capital ratio i e 4 : 1 In trial balance Capital…
Q: Best Appliance Store offers a two-year warranty on all appliances sold. The company estimates that…
A: Formula: Sales revenue = Sales price per unit x Sales units.
Q: Use the lone divider method to solve the following problem. 5. There are 3 investors dividing land…
A: The Lone Divider method works for any numbers of participants. There is one participant called…
Q: pioye ecunty Answer: A. O is greater than the employee's Social Security ta 3. O is the same as the…
A: The federal unemployment tax act (FUTA) with state unemployment systems providers for payments of…
Q: Generally, the dissolution spares the partners from previous obligations entered into by the…
A: Dissolution of partnership means closing the business. there can be many reasons for dissolution of…
Q: A factory company has compiled the following data for the last six months of 2009 to analyze utility…
A: The utility cost refers to the cost or the expense which is consumed in the reporting period or year…
Q: This year, Rose Company acquired all of the common stock of Hayley Company. At the end of the…
A: Consolidated Sales: Consolidated Revenue means, as of any date of determination, the total revenue…
Q: A certain car was purchased for $11,900. The car has a resale value of $8,300 after a useful life of…
A: Depreciation is charged against the value of fixed assets. It can be calculated by using the…
Q: Auga Company Ltd Comparative Balance Sheet December 31, 2021 and 2020 2021 2020…
A: The question is related to Cash Flow Statement. Cash Flow Statement is summary of cash receipts and…
Q: Use the following are budgeted data for Your Company, a merchandising company, to determine how many…
A: Budgeted Sales (at retail- what you sell for) January.................. $300,000…
Q: Auga Company Ltd Comparative Balance Sheet December 31, 2021 and 2020 2021 2020…
A: Cash flow statement The purpose of preparing the cash flow statement is to know the movement of the…
Q: What are the benefits to including multiple perspectives in teams?
A: It is important to look at topics from multiple perspectives so that we are able to see the whole…
Q: What is the accounting rate of return on the original cost of investment (ARROC)?
A: Answer: c. 9.6% Average cost of Investment = Original Cost of Investments / 2 326000 = Original…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The following information is related to the defined benefit pension plan of Dreamworld Company for the year ended 12/31/2020: Service cost $ 60,000 110,000 150,000 640,000 750,000 150,000 900,000 960,000 Contributions to pension plan Benefits paid to retirees Plan assets (fair value), January 11 Plan assets (fair value), December 31 Actual return on plan assets PBO, January 1 PBO, December 31 Discount rate Long-term expected return on plan assets Prior Service Cost 1/1 $ 700,000 Average remaining years of service Assuming no other relevant data exist. Required: 10 years 10% 9% A. Calculate the company's pension expense for 2020. B. Make journal entry (entries) related to the plan at 12/31/2020.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%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 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 isThe 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 isThe following information is made available involving the defined benefit pension plan of Princess Company for the year 2018: Fair value of plan assets, 1/1/17 P3,500,000 Present value of benefit obligation 1/1/17 3,750,000 Current service cost 700,000 Actuarial return on plan asset 420,000 Contribution to the plan 600,000 Benefits paid to retirees 750,000, Decrease in the present value of benefit obligation due to change in actuarial assumptions 100,000 Present value of defined benefit obligation settled 250,000 Settlement price of defined benefit obligation 200,000 Discount rate 10% What is the fair value of the plan asset as of December 31, 2018?
- Help Save & Exit Submit The following information is related to the defined benefit penslon plan of Dreamworld Company for the year: Service cost Contributions to pension plan Benefits paid to retirees Plan assets (fair value), January 1 Plan assets (fair value), December 31 Actual return on plan assets $ 60,000 110,000 150,000 640,000 750,000 150,000 900,000 960,000 PBO, January 1 PBO, December 31 Discount rate 10% Long-term expected return on plan assets 9% Assuming no other relevant data exist, what is the pension expense for the year? Multiple Choice $60,000. $170,000. Next > Prev 12 of 39 SI Question no...pages pdf Question no....pages MacBook AirThe following data relate to Ramesh Company’s defined benefit pension plan: ($ in millions)Plan assets at fair value, January 1 $600Expected return on plan assets 60Actual return on plan assets 48Contributions to the pension fund (end of year) 100Amortization of net loss 10Pension benefits paid (end of year) 11Pension expense 72 Required:Determine the amount of pension plan assets at fair value on December 31.The following information is made available involving the defined benefit pension plan of Princess Company for the year 2018: Fair value of plan assets, 1/1/17 P3,500,000 Present value of benefit obligation 1/1/17 3,750,000 Current service cost 700,000 Actuarial return on plan asset 420,000 Contribution to the plan 600,000 Benefits paid to retirees 750,000. Decrease in the present value of benefit obligation due to change in actuarial assumptions 100,000 Present value of defined benefit obligation settled 250,000 Settlement price of defined benefit obligation 200,000 Discount rate 10% What amount employee benefit cost should be reported in the profit or loss?
- The following information is made available involving the defined benefit pension plan of Princess Company for the year 2018: Fair value of plan assets, 1/1/17 P3,500,000 Present value of benefit obligation 1/1/17 3,750,000 Current service cost 700,000 Actuarial return on plan asset 420,000 Contribution to the plan 600,000 Benefits paid to retirees 750,000. Decrease in the present value of benefit obligation due to change in actuarial assumptions 100,000 Present value of defined benefit obligation settled 250,000 Settlement price of defined benefit obligation 200,000 Discount rate 10% What is balance of the prepaid or accrued pension as of December 31, 2018?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%The actuary for the pension plan of Carla Vista Company calculated the following net gains and losses: Incurred during the Year (Gain) or Loss 2025 $(634,000) 2026 250,000 2027 1,020,000 2028 393,000 Other information about the company's pension obligation and plan assets is as follows: Projected Benefit As of January 1 Obligation Plan Assets (market-related asset value) 2025 $3,957,000 $3,563,000 2026 4,608,000 3,543,000 2027 4,690,000 3,729,000 2028 5,257,000 4,386,000 Carla Vista Company has a stable labor force of 250 employees who are expected to receive benefits under the plan. The total service- years for all participating employees are 2,750. The beginning balance of Accumulated OCI (G/L) is zero on January 1, 2025. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Compute the minimum amount of Accumulated OCI (G/L) amortized as a component of net…