What is the employee benefit expense?
Q: At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan…
A: Defined benefit pension plans are the retirement designs that include providing a fixed and…
Q: A. At the beginning of current year, an entity provided the following information in connection with…
A: Projected benefit obligation at year-end=Projected benefit obligation+Current service cost+Past…
Q: On January 1, 2021 STAR Company provided the following data in connection with the defined benefit…
A: Interest costs = Projected benefit obligation x Discount rate = ₱7,600,000 x 10% = ₱760,000
Q: A. At the beginning of current year, an entity provided the following information in connection with…
A: Interest cost = Beginning Projected benefit obligation x discount rate = 13000000*10% = 1,300,000
Q: Larson Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the…
A:
Q: On January 1, 2021 COMET Company provided the following data in connection with the defined benefit…
A: Interest costs = Projected benefit obligation x Discount rate = ₱7,600,000 x 10% = ₱760,000
Q: Marigold Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the…
A: Pension Expenses: It is the sum that a business charges to expense according to its liabilities…
Q: Charlton Company provided the following information concerning a defined benefit plan at the…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: On January 1, 2021 COMET Company provided the following data in connection with the defined benefit…
A: Interest costs = Projected benefit obligation x Discount rate = ₱7,600,000 x 10% = ₱760,000 Expected…
Q: Ridley Corporation is a manufacturing company in the Caribbean. The company sponsors a defined…
A: Journal entry - It refers to the process where the business transactions are recorded in the books…
Q: At the beginning of the current year, the memorandum records of A Company’s defined benefit plan…
A: Actual return on plan assets = Beginning Fair value of plan assets x actual return rate =…
Q: he following date relate to the defined benefit plan of ABC Company for the year ended December 31,…
A: Fair Value of plan asset, January 2, 2020- P14,000,000 Contribution during the year- P1,050,000…
Q: Delco Berhad operates a defined benefit plan. At the end of the year, the company has the following…
A: On 31 December 2018, Celco Berhad will report a net liability in the statement of financial…
Q: At the beginning of the current year Paolo Co reported fair value of plan assets at P7,000,000 and…
A: Employee benefits expense are those expenses which involve the short term employee benefits like…
Q: The following information relates to Irasly Inc. at December 31,2002: Fair value of plan assets…
A: Formula: Net defined benefit liability at December 31, 2002 = Projected benefit obligation - Fair…
Q: Wella Company reported a prepaid benefit cost of P 1,500,000 on January 1, 2016. The entity provided…
A: Defined benefit pension plan: A kind of pension plan where a certain amount of pension is reimbursed…
Q: At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan…
A: Other comprehensive income (OCI) is a term used in corporate accounting to describe revenues, costs,…
Q: it obligation 5,500,000 Unrecognized actuarial gain 850,000 The transactions for the cu
A: Interest cost = Beginning Projected benefit obligation x discount rate = 5500000*6% = 330,000
Q: At the end of the current period, Oxford Ltd. has a defined benefit obligation of $195,000 and…
A: Compute the amount related to its pension plan will be reported on the company's statement of…
Q: Pronghorn Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the…
A: Journal entry is the process of recording the business transaction for the first time in the…
Q: Ridley Corporation is a manufacturing company in the Caribbean. The company sponsors a defined…
A: A pension plan amount is refers to as a amount that is promised by the employer under the pension…
Q: At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan…
A: Defined benefit plans are those plans which are made by the empployer for providing benefits or to…
Q: Presented below is information related to Rip-Off Fuels Inc. for calendar year 2019. The corporation…
A: Opening Balance of Defined benefit obligation: $720,000 Past Service Costs: $10,000 Current Service…
Q: A. At the beginning of current year, an entity provided the following information in connection with…
A: Interest cost = Beginning Projected benefit obligation x discount rate = 13000000*10% = 1,300,000
Q: Ridley Corporation is a manufacturing company in the Caribbean. The company sponsors a defined…
A: Pension expense is the cost to employer to maintain the employee's pension plan. The employee's…
Q: Buffalo Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the…
A: General Journal Debit Credit Pension Expense 100,656 Other comprehensive income(G/L) 76,600…
Q: A. At the beginning of current year, an entity provided the following information in connection with…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Moreton Ltd contributes to a defined benefit superannuation plan for its employees. The following…
A: The question is based on the concept of Financial Accounting.
Q: Lewis, a public limited company, has a defined benefit plan for its employees. The present value of…
A: Extract of the Balance Sheet as at 31st December, 20X7Closing net defined liability (1222-1132) =90…
Q: At the end of the current period, Oxford Ltd. has a defined benefit obligation of $195,000 and…
A: Pension plan: This is the plan devised by corporations to pay the employees an income after their…
Q: You gathered the following information related to Ashley Company's the defined benefit plan for the…
A: step 1: calculation of beginning funded status =beginning plan assets – beginning PBO…
Q: Ridley Corporation is a manufacturing company in the Caribbean. The company sponsors a defined…
A: A pension plan amount is refers to as a amount that is promised by the employer under the pension…
Q: On December 31, 2019, Asayas Company reported fair value of plan assets P9,000,000 and projected…
A: "Fair value" is one of the important accounting term with various meanings in the financial…
Q: The memorandum records of ABC Company at January 1,2020 show the following: Defined Benefit…
A: Defined Benefit Plan:- This is the plan provided to employees by companies for their benefit at…
Q: At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan…
A: solution : given : beginning of the year benefit obligation =P11,000,000 current…
Q: The trustee for the Bronson Corporation defined benefit pension plan sent a report to the CEO with…
A: Computation of the ending balance of plan assets : Formula : Ending Balance plan assets = (…
Q: The following information relates to the defined benefit pension plan for the McDonald Company for…
A: Return on plan assets = Fair value of plan assets, December 31 + Benefits paid to retirees -…
Q: Fajardo Company provided the following pension plan information: Projected benefit obligation –…
A: Expected return on plan assets = Fair value of plan asset x Discount rate = 2,800,000 x 10% =…
Q: Fair value of plan assets 37,000,000 Defined benefit plan 33,000,000 Asset ceiling 2,500,000 What…
A: Prepaid/accrued benefit cost is the cost which to claim a recurring benefit to be allowed before the…
Q: he following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 Service…
A: STATEMENT SHOWING CALCULATION OF BENEFIT OBLIGATION AS ON DEC 31, 2021 PARTICULARS AMOUNT PBO…
Q: A. At the beginning of current year, an entity provided the following information in connection with…
A: Net means after offsetting interest income and interest cost.
Q: Rid
A: Projected benefit obligation and its accumulated benefit obligation is the value used for the…
Q: Bonita Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the…
A: Hence the Pension expense for the full year is $107,160
Q: At the end of the current year, Joshua Co. has a defined benefit obligation of $335,000 and pension…
A: Joshua Co. would report a pension asset of $10,000 ($345,000 – $335,000).
Q: How much is the Defined Benefit Liability/Asset at December 31, 2021?
A: The computation of employee benefit expenses will be as per the standard laid down in IAS-19
Q: Sandhill Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the…
A: GIVEN Sandhill Corp. sponsors a defined benefit pension plan for its employees. On January 1,…
Q: A Company provided the following information for the current year: Fair value of plan assets –…
A: Actual Return on Plan Assets: An investor's de facto gain or loss on an investment or portfolio is…
Q: At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan…
A: Actual return on plan assets = Beginning Fair value of plan assets x actual return rate =…
At the beginning of current year, The Company reported the fair value of plan assets at $7,800,000 and projected benefit obligation at $10,400,000. During the year, the entity made a lump sump payment to certain plan participants in exchange for their rights to receive specific post employment benefits. The lump sum payment was $1,040,000 and the present value of the defined benefit obligation settled was $1,300,000. During the year, the entity reported current service cost $1,170,000, actual return on plan assets $1,040,000, contribution to the plan $910,000 and discount rate 12%.
What is the employee benefit expense?
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- 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.At the beginning of current year, De Guzman Company reported the following information in relation to a defined benefit plan: Fair value of plan assets - 7,000,000 Projected benefit obligation - 7,500,000 During the current year, the entity determined that the current service cost was 1,400,000 and the discount rate is 10%. The actual return on plan assets during the year was 840,000. Other related information for the current year: Contribution to the plan - 1,200,000 Benefits paid to retirees - 1,500,000 Decrease in projected benefit obligation due to changes in actuarial assumptions - 200,000 Present value of defined benefit obligation settled - 500,000 Settlement price of defined benefit obligation- 400,000 1. What amount should be reported in the income statement for the current year as employee benefit expense? 2. What is the net amount of remeasurements on Dec 31? 3. What is the fair value of plan assets kn Dec 31? 4. What is the projected benefit obligation on Dec 31?…At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan showed the following: Fair value of plan assets Defined benefit obligation Prepaid(accrued) defined benefit exp. P 7,500,000 (11,000,000) (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan Benefits paid to retirees Decrease in defined benefit obligation due to changes in actuarial assumptions P 1,200,000 1,500,000 200,000 The fair value of plan assets at the end of the current year is P8,700,000 P7,800,000 P8,250,000 P7,950,000 Calculate the net amount that the entity would recognize in OCI for the year in accordance with the revised PAS 19 P200,000 loss P200,000 gain P50,000 loss P50,000 gain The defined benefit obligation at the end of the current year is P10,500,000…
- At the beginning of the current year Paolo Co reported fair value of plan assets at P7,000,000 and projected benefit obligation at P8,500,000. During the year the entity determined that the current service cost was P1.200,000 and the discount rate is 10% The actual return on plan assets was P800,000 during the yearThe entity provided the following information during the year related to the defined benefit plan: Contribution to the 1, 000 Benefits paid to retirees P1,750,000 Decrease in projected benefit obligation due to change in actuarial assumptions - P300,000 REQUIRED 1. Employee benefit expense Total remeasurement ? 2. Projected Benefit Obligation at year end ? 3. Prepaid /accrued benefit cost for the year ?At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 Calculate the net amount that the entity would recognize in OCI for the year in accordance with the revised PAS 19 A P200,000 loss B P50,000 gain C P50,000 loss D P200,000 gainAt the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 The defined benefit obligation at the end of the current year is AP10,500,000 BP11,800,000 CP11,600,000 DP11,400,000
- At the beginning of the current year, the memorandum records of Anne Company’s defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 Calculate the net amount that the entity would recognize in OCI for the year in accordance with the revised PAS 19 Group of answer choices P50,000 loss P50,000 gain P200,000 gain P200,000 lossAt the beginning of the current year, the memorandum records of Anne Company's defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial 200,000 assumptions Calculate the amount that the entity would recognize in profit or loss for the year in accordance with the revised PAS 19At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3.500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial 200,000 assumptions The fair value of plan assets at the end of the current year is O P8,700,000 O P7,800,000 O P8,250.000 O P7,950,000
- At the beginning of the current year, the memorandum records of OPPA Co's defined benefit plan showed the following:Fair value plan assets 7,500,000Defined benefit obligation (11,000,000)Prepaid (accrued) pension expense (3,500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P 1,200,000Benefits paid to retires 1,500,000Decrease in defined benefit obligation due to changes in actuarial assumptions 200,000 4. Compute for the fair value of plan assets at the end of the current year. 5. Compute for the defined benefit obligation at the end of the current year.You gathered the following information related to Ashley Company’s the defined benefit plan for the current year ended December 31: Fair value of plan assets: P2,100 million at January 1, and P2,300 million at December 31 Present value of obligation to provide benefits: P2,200 million at January 1, and P2,600 million at December 31 Contributions paid to the fund: P80 million Benefits paid to retired employees: P50 million The defined benefit cost for the year is A P250 million B P280 million C P200 million D P120 millionA. At the beginning of current year, an entity provided the following information in connection with a defined benefit plan: Fair value of plan assets Projected benefit obligation Prepaid /accrued benefit cost 10,000,000 (13,000,000) (3,000,000) The entity revealed the following transactions affecting the plan for the current year: Current service cost 2,500,000 Past service cost - remaining vesting period of covered employees is 5 years Contribution to the plan Benefits paid to retirees Actual return on plan assets Decrease in projected benefit obligation due to change in actuarial assumptions 1,200,000 3,500,000 3,000,000 1,500,000 400,000 10% Discount rate Expected return on plan assets 12% REQUIRED: 1. Compute the employee benefit expense for the current year 2. Compute the net re-measurement gain for the current year 3. Compute the fair value of plan assets at year-end 4. Compute the projected benefit obligation at year-end 5. What amount should be reported as accrued or prepaid…
