What is the 2021 pension expense for Foundry's plan? Multiple Choice
Q: WHAT IS THE CORRECT JOURNAL ENTRY WHEN WITHHOLDING AN EMPLOYEE'S CONTRIBUTION TO A PENSION PLAN?
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Instructions (a) Determine the pension expense to be reported on the income statement for 2021. (b)…
A:
Q: A company currently offers it’s employees a defined benefit pension plan, but is looking into…
A: Defined Benefit pension plan A defined-benefit plan is an employer-sponsored retirement plan where…
Q: explain how a defined contribution pension plan works.
A:
Q: Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for…
A: Pension expense is the amount business charged as an expense for pension payable to the employees…
Q: Which of the following factors is least likely to affect the amount of retirement benefits under a…
A: Defined benefit pension plans are the retirement designs that include providing a fixed and…
Q: Which component of Kensington’s periodic pension cost would be shown in OCI ratherthan P&L?A .…
A:
Q: Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are…
A: Journal entry is a form of accounting entry that is used by businesses to record transactions in a…
Q: Carson Company sponsors a single-employer defined benefit pension plan. The plan provides that…
A: A defined benefit pension plan is one where a company pays a set sum of money to retirees or workers…
Q: lease answer the following questions about defined benefit pension plans: Companies with defined…
A: Introduction: Pension plan: Pension plan can also be defined as retirement plan in which the…
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: Carla Vista Company has a defined-benefit plan. At the end of 2021, it has determined the following…
A: Amount of pension liability = Projected benefit obligation- Fair value of pension plan assets
Q: Alternative methods exist for the measurement of the pension obligation (liability). Which measure…
A: Answer: The pension obligation is liability and it is to be paid once the employees retire.
Q: result of the termination benefits in 2020? 2. What amount should be recognized in profit or loss as…
A: The pension benefit is the amount that the individual receives after retirement from employment at…
Q: Determine the amounts of the components of penaion expense that should be recognized by the company…
A: Pension expense (PE) refers to those expenses which are charged by the company in relation to pay…
Q: Explain how a defined contribution pension plan and how a defined benefit plan work. Which pension…
A: A defined contribution plan is a type of corporate retirement plan in which an employee contributes…
Q: Differentiate between employer-sponsored pension plans and self-directed retirement plans
A: Both employer-sponsored pension plans and self-directed retirement plans have some underlying…
Q: In determining the present value of the prospective benefits (often referred to as the defined…
A: In determining the present value of the prospective benefits (often referred to as the defined…
Q: How much is the defined benefit obligation on December 31, 2019? What is the amount of overfunding…
A: Defined Benefit Plan:-This is the benefit enjoyed by the employees how much benefit they will…
Q: In 2021, the maximum Registered Retirement Savings Plan (RRSP) contribution limit is $27,830.…
A: Registered Retirement Savings Plan(RRSP) is an investment plan for retirement in which pre-tax…
Q: Defined contribution plans and defined benefits plans are two common types of pension plans.choose…
A: The question pertains to two types of retirement plans. Under defined benefit plans, a fixed amount…
Q: Among the three measures of the pension obligation: VBO, ABO, and PBO the…
A: A pension plan is a plan which guarantees the employer of any entity to determine the benefit he can…
Q: Discuss the relative objectivity of the measurement process of accrual versus cash (pay-as-you-go)…
A: Pension is the regular payment allowed for an employee after their active working life. It is a…
Q: b. How does each component of pension expense affect pension expense during the period (increase,…
A: b) The components of pension expense are:- i. Service Cost - The increase in the projected pension…
Q: Which of the following correctly describes defined benefit (DB) pension plans? A-A typical example…
A: Defined benifit is also written as DB. It is the pension plan in which the employee will receive the…
Q: Determine the amounts of the components of pension expense that should be recognized by the company…
A: Pension :— Money that is paid regularly by a government or companies to some body who has stopped…
Q: What is funded status of Barrel Corporation's pension plan at Dęcember 31, Year 7?
A: PBO = Projected Benefit Obligation, the amount that must be paid to defined pension plan of the…
Q: Presented below is information related to Sandhill Inc. pension plan for 2021. Service cost $…
A: Pension Expense = (Service cost+Interest on projected benefit obligation+Amortization of prior…
Q: What is the 2021 pension expense?
A: Pension expense (PE) refers to those expenses which are charged by the company in relation to pay…
Q: participating employees who are expected to receive the retroactive benefits. Following is a…
A: Journal entry refers to posting of the transaction of the financial nature into the books of the…
Q: In a defined-benefit plan, a formula is used that Select one: a. requires that the benefit of gain…
A: A defined benefit plan is the plan which is contributed by the employer on behalf of the employee to…
Q: In the discussion of employees' pension plans, your book talks about two pension plans - Defined…
A: Both contributed on regular basis.
Q: Classify the following fixed costs as normally being either committed or discretionary:e. Pension…
A: Committed cost: Committed cost is incurred as a result of organizations’ ownership or use of…
Q: Exercise Sweet Enterprises provides the following information relative to its defined benefit…
A: Accumulated other comprehensive income( OCI) is that income which includes unrealized gains and…
Q: For each independent case, calculate any amortization of the net loss or gain that should be…
A: Case POB (A) Plan Asset(B) Greater of (A) and (B) 10% of greater Case 1 3,460 2,950 3,460 346…
Q: Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for…
A: Requirement 1: Particulars Case 1 ($) Case 2 ($) Case 3 ($) Net loss or gain 337,000…
Q: any past service costs should be included in ne ) pension expense of past periods. -) pension…
A: Past service cost is the change in the defined benefit obligation for employee service in prior…
Q: In accounting for a defined-benefit pension plan __the expense recognized each period is equal to…
A: Defined benefits plan is plan of pension in this employer provides fixed amount of pension on…
Q: An employer maintains pension trust for its employees. The following information are made:…
A: Only current year service costs are deductible.
Q: Required: Determine Scholz's pension expense for 2019 and prepare the appropriate journal…
A: Hello! Since there are multiple sub-parts posted, we will answer first three sub-parts. If you want…
Q: For 2019 and 2020, what is the ceiling for a person under the age of 70 and 1/2 to contribute to an…
A:
Q: The projected unit credit method for funding a defined benefit pension plan will require payments…
A: The projected unit credit method considers expected future pay increases the computation of…
Step by step
Solved in 3 steps with 1 images
- In 2019, Magenta Corporation paid compensation of 45,300 to the participants in a profit sharing plan. During 2019, Magenta Corporation contributed 13,200 to the plan. a. Calculate Magentas deductible amount for 2019. b. Calculate the amount of any contribution carryover from 2019.the following information pertains to Dreamworld Corporation's defined benefit pension plan:($ in thousands) 2021Beginning balances 2022Beginning balances Projected benefit obligation $ (7,700 ) $ (8,204 ) Plan assets 7,400 8,036 Prior service cost–AOCI 770 700 Net loss–AOCI $ 890 $ 960 At the end of 2021, Dreamworld contributed $745 thousand to the pension fund and benefit payments of $764 thousand were made to retirees. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 7%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is the 2021 pension expense for Dreamworld’s plan?The following information pertains to LL Marshall Corporation's defined benefit pension plan: 2024 Beginning 2025 Beginning balances, $ (7,600) 7,300 760 $ 880 (S in thousands) Projected benefit obligation Plan assets Prior service cost-AOCI Net loss-AOCI balances $ (8,104) 7,936 720 $ 960 At the end of 2024, LL Marshall contributed $600 thousand to the pension fund and benefit payments of $754 thousand were made to retirees. The expected rate of return on plan assets was 12%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is the 2024 service cost for LL Marshall's plan?
- The following information pertains to Havana Corporation's defined benefit pension plan: ($ in thousands) 2021Beginning balances 2022Beginning balances Projected benefit obligation $ (6,700 ) $ (7,204 ) Plan assets 6,400 7,036 Prior service cost–AOCI 670 640 Net loss–AOCI $ 790 $ 850 At the end of 2021, Havana contributed $730 thousand to the pension fund and benefit payments of $664 thousand were made to retirees. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO.What is Havana’s 2021 gain or loss on plan assets?The following information pertains to Havana Corporation's defined benefit pension plan: ($ in thousands) 2021 2022 Beginning Beginning balances balances Projected benefit $ (6,000 ) 2$ (6,504 ) obligation Plan assets 5,760 6,336 Prior service cost-AOCI 600 552 Net loss-AOCI 720 _786 In 2021, Havana contributed $696 thousand to the pension fund and benefit payments of $624 thousand were made to retirees. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is Havana's 2021 service cost? O 276K 528K O 648K O Cannot be determined from the given information.The following information pertains to Havana Corporation's defined benefit pension plart 2021 2022 Beginning Beginning balances (S in thousands) Projected benefit obligation Plan asseta Prior service cost-AOCI Net loss-AOCI balances $(6,900) 6,660 $(7,404) 7,236 690 610 810 886 At the end of 2021, Havana contributed $680 thousand to the pension fund and benefit payments of $684 thousand were made to retirees. The expeched rate of return on plan assets was 10%, and the actuary's discount rate is 7%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is the 2021 service cost for Havana's plan?
- Pharoah Corporation provides the following information about its defined benefit pension plan for the year 2023: Current service cost $226,700 Contribution to the plan 264,200 Past service cost, effective December 31, 2023 26,700 Actual return on plan assets 160,000 Benefits paid 117,000 Net defined benefit liability at January 1, 2023 401,700 Plan assets at January 1, 2023 1,600,000 Defined benefit obligation at January 1, 2023 2,001,700 Interest/discount rate on the DBO and plan assets 10% Pharoah follows IFRS. (a) Prepare a continuity schedule for 2023 for the defined benefit obligation. (Enter negative amounts using eithe preceding the number e.g. -45 or parentheses e.g. (45).) Pharoah Corporation Continuity Schedule 2023 $. The following information pertains to Sowell Corporation's defined benefit pension plan: 2022 2023 Beginning Beginning ($ in thousands) balances balances Projected benefit obligation $ (6,000) $ (6,504) Plan assets 5,760 6,336 Prior service cost–AOCI 600 552 Net loss–AOCI $ 720 $ 786 At the end of 2022, Sowell contributed $696 thousand to the pension fund and benefit payments of $624 thousand were made to retirees. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is the 2022 pension expense for Sowell's plan? A. $594 thousand. B. $606 thousand. C. $678 thousand. D. None of these are correct.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.
- Togress Ivanhoe Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan $91,300 102,900 Prior service cost amortization 9,500 Actual and expected return on plan assets 64,800 Benefits paid 39,400 Plan assets at January 1, 2025 648,700 Projected benefit obligation at January 1, 2025 694,400 Accumulated OCI (PSC) at January 1, 2025 150,900 Interest/discount (settlement) rate 9% Compute the pension expense for the year 2025. Pension expense for 2025 $The following information pertains to Havana Corporation's defıned benefit pension plan: ($ in thousands) 2021 2022 Beginning Beginning balances balances Projected benefit $ (6,000 ) (6,504 ) obligation Plan assets 5,760 6,336 Prior service cost-AOCI 600 552 Net loss-AOCI _720 786 In 2021, Havana contributed $696 thousand to the pension fund and benefit payments of $624 thousand were made to retirees. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is Havana's 2021 actual return on plan assets? O 504,000 O 618,000 O 1,128,000 O 576,000The following information is related to the defined benefit pension plan of Stanley-Morgan Industries for the year 2021: Service cost $ 62,000 Contributions to pension plan 114,000 Benefits paid to retirees 151,000 Plan assets (fair value), January 1 649,000 Plan assets (fair value), December 31 766,000 Actual return on plan assets 154,000 PBO, January 1 945,000 PBO, December 31 950,500 Discount rate 10 % Long-term expected return on plan assets 9 % Assuming no other relevant data exist, what is Stanley-Morgan's pension expense for 2021?
