to X's defined benefit pension plan: The following Prepaid pension cost at the start of the year Current service cost Interest expense related to plan Actual income on plan assets Past service cost Current year contribution 3) In its current year Balance sheet, what amount should X report as P2,000 19,000 38,000 22,000 52,000 40,000 pension cost? a. 45,000 b. 49,000 C. 67,000 d. 87,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following information pertains to X's defined benefit pension plan:
Prepaid pension cost at the start of the year
Current service cost
Interest expense related to plan
Actual income on plan assets
P2,000
19,000
38,000
22,000
52,000
40,000
Past service cost
Current year contribution
3) In its current year Balance sheet, what amount should X report as
pension cost?
a. 45,000
b. 49,000
C. 67,000
d. 87,000
Transcribed Image Text:The following information pertains to X's defined benefit pension plan: Prepaid pension cost at the start of the year Current service cost Interest expense related to plan Actual income on plan assets P2,000 19,000 38,000 22,000 52,000 40,000 Past service cost Current year contribution 3) In its current year Balance sheet, what amount should X report as pension cost? a. 45,000 b. 49,000 C. 67,000 d. 87,000
5) How much benefit is attributed for services rendered by Mr. X?
No.2, Social Security System retirement benefit is an example of a
the period which the benefit is earned by the employee, rather than
4) No.1, The cost of providing employee benefits should be recognized in
when it is payable.
No 2. Social Security System retirement benefit is an example of a
defined benefit post employment benefit plan.
a. true, true
b. true, false
c. false, true
d. false, false
ABC Company's defined benefit plan provides a benefit of 2% of final
salary for each year of service. The person is payable at the age of 65 Mr.
X is an employee of ABC Company. It was estimated that Mr. X final
salary level will be P150, 000 per month.
/ How much benefit is attributed for services rendered by Mr. X?
a. 2, 400
b. 122, 400
C. 28, 800
d. 0
benefit of P400, 000 for
fits
will
Transcribed Image Text:5) How much benefit is attributed for services rendered by Mr. X? No.2, Social Security System retirement benefit is an example of a the period which the benefit is earned by the employee, rather than 4) No.1, The cost of providing employee benefits should be recognized in when it is payable. No 2. Social Security System retirement benefit is an example of a defined benefit post employment benefit plan. a. true, true b. true, false c. false, true d. false, false ABC Company's defined benefit plan provides a benefit of 2% of final salary for each year of service. The person is payable at the age of 65 Mr. X is an employee of ABC Company. It was estimated that Mr. X final salary level will be P150, 000 per month. / How much benefit is attributed for services rendered by Mr. X? a. 2, 400 b. 122, 400 C. 28, 800 d. 0 benefit of P400, 000 for fits will
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