Homework Answers
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Teal Co. Pension worksheet - 2017 |
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|
General Journal entries |
Memo Record |
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|
Annual Postretirement Expense |
Cash |
Postretirement Asset/Liability |
APBO |
Plan Assets |
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|
Balance, Jan. 1, 2017 |
197100 |
Cr. |
317900 |
Cr. |
120800 |
Dr. |
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|
Service cost |
46900 |
Dr. |
46900 |
Cr. |
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|
Interest cost (317900*10%) |
31790 |
Dr. |
31790 |
Cr. |
||||||
|
Actual return |
11800 |
Cr. |
11800 |
Dr. |
||||||
|
Contributions |
10500 |
Cr. |
10500 |
Dr. |
||||||
|
Benefits |
21100 |
Dr. |
21100 |
Cr. |
||||||
|
Journal entry |
66890 |
Dr. |
10500 |
Cr. |
56390 |
Cr. |
||||
|
Balance, Dec. 31, 2017 |
253490 |
Cr. |
375490 |
Cr. |
122000 |
Dr. |
||||
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Service cost $46,900 10,500 Contribution to the plan Actual and expected return on plan assets 11,800...
Exercise 20-23 Sunland Co. provides the following information about its postretirement benefit plan for the year...
Exercise 20-23 Sunland Co. provides the following information about its postretirement benefit plan for the year 2017. Service cost Prior service cost amortization Contribution to the plan Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Accumulated postretirement benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Discount rate $99,000 3,100 56,900 64,700 38,400 711,400 761,000 93,100 Dr. 9% Prepare a worksheet inserting January 1, 2017, balances, showing December 31,...
Exercise 20-23 Riverbed Co. provides the following information about its postretirement benefit plan for the year...
Exercise 20-23
Riverbed Co. provides the following information about its
postretirement benefit plan for the year 2017.
Service cost
$88,200
Prior service cost
amortization
2,900
Contribution to the plan
51,400
Actual and expected return on plan
assets
61,900
Benefits paid
38,400
Plan assets at January 1, 2017
699,400
Accumulated postretirement benefit
obligation at January 1, 2017
756,800
Accumulated OCI (PSC) at January 1,
2017
101,900
Dr.
Discount rate
9
%
Prepare a worksheet inserting January 1, 2017, balances, showing
December...
Question 7 View Policies Current Attempt in Progress Vaughn Co. provides the following information about its...
Question 7 View Policies Current Attempt in Progress Vaughn Co. provides the following information about its postretirement benefit plan for the year 2020. Service cost $49,200 Contribution to the plan 10,600 Actual and expected return on plan assets 12,100 Benefits paid 21,100 Plan assets at January 1, 2020 107,000 Accumulated postretirement benefit obligation at January 1, 2020 332,500 Discount rate 10% Prepare a worksheet inserting January 1, 2020, balances, and showing December 31, 2020, balances. (Enter all amounts as positive.)...
Pension Worksheet die sau co the year 2014 Service Cost Contribution to the plan Prior service...
Pension Worksheet die sau co the year 2014 Service Cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2014 Projected benefit obligation, January 1,2014 Accumulated OCI (PSC), January 1, 2014 Interest/discount (settlement rate) $210,000 263,000 35,000 123,000 220,000 1,440,000 1,800,000 325,000 9% v/ Prepare a pension worksheet inserting January 1, 2014, balances, showing December 31, 2014 balances and the journal entry recording pension expense. Pla
E20-19 (Lo6,7) (Postretireme postretirement benefit plan for the year 2017. nt Benefit Expense Computation) Kreter Co....
E20-19 (Lo6,7) (Postretireme postretirement benefit plan for the year 2017. nt Benefit Expense Computation) Kreter Co. provides the following information about its Service cost Contribution to the plarn Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Accumulated postretirement benefit obligation $ 45,000 10,000 11,000 20,000 110,000 at January 1, 2017 Discount rate 30,000 8% Instructions Compute the postretirement benefit expense for 2017. *E20-20 (L06,7) (Postretirement Benefit Worksheet) Using the information in E20-19, prepare...
Exercise 20-4 The following facts apply to the pension plan of Metlock Inc. for the year 2017. Plan assets, January 1...
Exercise 20-4
The following facts apply to the pension plan of Metlock Inc.
for the year 2017.
Plan assets, January 1, 2017
$515,100
Projected benefit obligation, January 1, 2017
515,100
Settlement rate
8
%
Service cost
36,800
Contributions (funding)
26,700
Actual and expected return on plan assets
50,200
Benefits paid to retirees
36,700
Using the preceding data, compute pension expense for the year
2017. As part of your solution, prepare a pension worksheet that
shows the journal entry for pension...
Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan...
Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan assets Beginning of year balance in CASH 3% 3% 4% $ 120,000 $ 40,000 Projected benefit obligation at the beginning of 2017 Service cost, 2017 Interest Cost Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year $ 3,500 (45,000) Projected benefit obligation at the end of 2017 $ 250,000 Plan assets at the beginning of the year Actual...
he following information is related to the Stone Co. postretirement benefits plan for 2018: Service cost...
he following information is related to the Stone Co.
postretirement benefits plan for 2018:
Service cost
$165,000
Discount rate
10%
EPBO, January 1, 2018
822,000
APBO, January 1, 2018
662,000
Actual return on plan assets in 2018
22,600
Expected return on plan assets in 2018
28,800
Contributions (funding)
223,000
Part 1 Compute the amount of postretirement expense for 2018. $ Amount of postretirement expense Part 2 Prepare the journal entry to record postretirement expense and Stone's contributions for 2018. (Credit...
At January 1, 2017, Blue Company had plan assets of $303,400 and a projected benefit obligation...
At January 1, 2017, Blue Company had plan assets of $303,400 and
a projected benefit obligation of the same amount. During 2017,
service cost was $26,700, the settlement rate was 10%, actual and
expected return on plan assets were $24,500, contributions were
$19,700, and benefits paid were $16,900.
Prepare a pension worksheet for Blue Company for 2017.
BLUE COMPANY neral Journal Entrie Memo Record Projected Benefit Plan Assets Pension Pension Items Expense Cash Asset/Liability Obligation Service cost Interest cost Actual...
Bonita Company provides the following information about its defined benefit pension plan for the ...
Bonita Company provides the following information about its
defined benefit pension plan for the year 2017.
Service cost
$89,400
Contribution to the plan
105,700
Prior service cost amortization
10,800
Actual and expected return on plan assets
64,500
Benefits paid
40,200
Plan assets at January 1, 2017
640,200
Projected benefit obligation at January 1, 2017
710,100
Accumulated OCI (PSC) at January 1, 2017
152,200
Interest/discount (settlement) rate
10
%
Prepare a pension worksheet inserting January 1, 2017,
balances, showing December 31,...
Exercise 20-23 Sunland Co. provides the following information about its postretirement benefit plan for the year 2017. Service cost Prior service cost amortization Contribution to the plan Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Accumulated postretirement benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Discount rate $99,000 3,100 56,900 64,700 38,400 711,400 761,000 93,100 Dr. 9% Prepare a worksheet inserting January 1, 2017, balances, showing December 31,...
Exercise 20-23
Riverbed Co. provides the following information about its
postretirement benefit plan for the year 2017.
Service cost
$88,200
Prior service cost
amortization
2,900
Contribution to the plan
51,400
Actual and expected return on plan
assets
61,900
Benefits paid
38,400
Plan assets at January 1, 2017
699,400
Accumulated postretirement benefit
obligation at January 1, 2017
756,800
Accumulated OCI (PSC) at January 1,
2017
101,900
Dr.
Discount rate
9
%
Prepare a worksheet inserting January 1, 2017, balances, showing
December...
Question 7 View Policies Current Attempt in Progress Vaughn Co. provides the following information about its postretirement benefit plan for the year 2020. Service cost $49,200 Contribution to the plan 10,600 Actual and expected return on plan assets 12,100 Benefits paid 21,100 Plan assets at January 1, 2020 107,000 Accumulated postretirement benefit obligation at January 1, 2020 332,500 Discount rate 10% Prepare a worksheet inserting January 1, 2020, balances, and showing December 31, 2020, balances. (Enter all amounts as positive.)...
Pension Worksheet die sau co the year 2014 Service Cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2014 Projected benefit obligation, January 1,2014 Accumulated OCI (PSC), January 1, 2014 Interest/discount (settlement rate) $210,000 263,000 35,000 123,000 220,000 1,440,000 1,800,000 325,000 9% v/ Prepare a pension worksheet inserting January 1, 2014, balances, showing December 31, 2014 balances and the journal entry recording pension expense. Pla
E20-19 (Lo6,7) (Postretireme postretirement benefit plan for the year 2017. nt Benefit Expense Computation) Kreter Co. provides the following information about its Service cost Contribution to the plarn Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Accumulated postretirement benefit obligation $ 45,000 10,000 11,000 20,000 110,000 at January 1, 2017 Discount rate 30,000 8% Instructions Compute the postretirement benefit expense for 2017. *E20-20 (L06,7) (Postretirement Benefit Worksheet) Using the information in E20-19, prepare...
Exercise 20-4
The following facts apply to the pension plan of Metlock Inc.
for the year 2017.
Plan assets, January 1, 2017
$515,100
Projected benefit obligation, January 1, 2017
515,100
Settlement rate
8
%
Service cost
36,800
Contributions (funding)
26,700
Actual and expected return on plan assets
50,200
Benefits paid to retirees
36,700
Using the preceding data, compute pension expense for the year
2017. As part of your solution, prepare a pension worksheet that
shows the journal entry for pension...
Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan assets Beginning of year balance in CASH 3% 3% 4% $ 120,000 $ 40,000 Projected benefit obligation at the beginning of 2017 Service cost, 2017 Interest Cost Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year $ 3,500 (45,000) Projected benefit obligation at the end of 2017 $ 250,000 Plan assets at the beginning of the year Actual...
he following information is related to the Stone Co.
postretirement benefits plan for 2018:
Service cost
$165,000
Discount rate
10%
EPBO, January 1, 2018
822,000
APBO, January 1, 2018
662,000
Actual return on plan assets in 2018
22,600
Expected return on plan assets in 2018
28,800
Contributions (funding)
223,000
Part 1 Compute the amount of postretirement expense for 2018. $ Amount of postretirement expense Part 2 Prepare the journal entry to record postretirement expense and Stone's contributions for 2018. (Credit...
At January 1, 2017, Blue Company had plan assets of $303,400 and
a projected benefit obligation of the same amount. During 2017,
service cost was $26,700, the settlement rate was 10%, actual and
expected return on plan assets were $24,500, contributions were
$19,700, and benefits paid were $16,900.
Prepare a pension worksheet for Blue Company for 2017.
BLUE COMPANY neral Journal Entrie Memo Record Projected Benefit Plan Assets Pension Pension Items Expense Cash Asset/Liability Obligation Service cost Interest cost Actual...
Bonita Company provides the following information about its
defined benefit pension plan for the year 2017.
Service cost
$89,400
Contribution to the plan
105,700
Prior service cost amortization
10,800
Actual and expected return on plan assets
64,500
Benefits paid
40,200
Plan assets at January 1, 2017
640,200
Projected benefit obligation at January 1, 2017
710,100
Accumulated OCI (PSC) at January 1, 2017
152,200
Interest/discount (settlement) rate
10
%
Prepare a pension worksheet inserting January 1, 2017,
balances, showing December 31,...
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