In this simulation, you are asked to address questions regarding accounting for pensions. Prepare responses to allparts.
Question:
In this simulation, you are asked to address questions regarding accounting for pensions.
Prepare responses to allparts.
Transcribed Image Text:
O KWW Professional Simulation I Accounting for Pensions Time Remaining 2 hours 20 minutes Unspit Spit Hor spe vertca Spraatahost Cakulator Ext Directions Skuation Moasurament Joumal Entry I Disclosur Resources Melanie Vall Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2012, the following balances relate to this plan. $480,000 625,000 100,000 Dr. Plan assets Projected benefit obligation Accumulated OCI (PŠC) As a result of the operation of the plan during 2012, the following additional data are provided by the actuary. Service cost for 2012 Settlement rate Actual return on plan assets in 2012 Amortization of prior service cost Expected return on plan assets Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions Contributions in 2012 Benefits paid retirees in 2012 $90,000 9% 57,000 19,000 52,000 76,000 99,000 85,000 Directions Situation Moasuremant soumal Entry Disclosure Resourcas (2) Use a computer spreadsheet to prepare a pension worksheet. On the pension worksheet, compute pension expense, pension asset/liability, projected benefit obligation, plan assets, prior service cost, and net gain or loss. (b) Compute the same items as in (a), assuming that the settlement rate is now 7% and the expected rate of return is 10%. Sauation Masuramant Joumal Entry oiaclosure Resoueces Directions Prepare the journal entry to record pension expense in 2012. Moasurement dounal Entry Disclosure Rasources Directions Situation Indicate the reporting of the 2012 pension amounts in this income statement and balance sheet.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
Measurement a b Simply change the formula in cell B11 to multiply by 07 change t...View the full answer
Answered By
Pushpinder Singh
Currently, I am PhD scholar with Indian Statistical problem, working in applied statistics and real life data problems. I have done several projects in Statistics especially Time Series data analysis, Regression Techniques.
I am Master in Statistics from Indian Institute of Technology, Kanpur.
I have been teaching students for various University entrance exams and passing grades in Graduation and Post-Graduation.I have expertise in solving problems in Statistics for more than 2 years now.I am a subject expert in Statistics with Assignmentpedia.com.
4.40+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
In this simulation, you are asked to address questions related to the accounting for stockholders, equity. Prepare responses to allparts. KWW Professional Simulation Time Remaining Stockholders'...
-
In this simulation, you are asked to address questions related to the accounting for stock options and earnings per share computations. Prepare responses to allparts. KWW Professional_Simulation...
-
In this simulation, you are asked to address equations related to the accounting for equity. Prepare responses to all parts. Explanation (a) Explain why common stock is classified as part of equity....
-
Alton division (A) and Birmingham division (B) are two manufacturing divisions of Conglom plc. Both of these divisions make a single standardized product; A makes product I and B makes product J....
-
How do defined-contribution plans differ from defined-benefit plans?
-
Obtain The Coca-Cola Company's 2010 annual report either using the ''Investor Relations'' portion of its website (do a web search for Coca-Cola investor relations) or go to www.sec.gov and click...
-
Identify four corporate stakeholders and explain how they affect a businesss operations.
-
In the course of routine checking of all journal entries prior to preparing year-end reports, Betty Eller discovered several strange entries. She recalled that the presidents son Joe had come in to...
-
17. A concave mirror produces a real image 10mm tall, of an object 2.5mm tall placed at 5cm from the mirror. Calculate focal length of the mirror and the position of the image. 18. An object is...
-
A triangular highway gutter (Figure P6.2.7) is designed to carry a discharge of 52 m3/min on a channel slope of 0.0016. The gutter is 0.8 m deep with one side vertical and one side sloped at m: I (H:...
-
Monat Company has grown rapidly since its founding in 2002. To instill loyalty in its employees, Monat is contemplating establishment of a defined benefit plan. Monat knows that lenders and potential...
-
What is meant by past service cost? When is past service cost recognized as pension expense?
-
Refer to Data Set 21 in Appendix B for the weights (g) of randomly selected quarters that were minted after 1964. The quarters are supposed to have a median weight of 5.670 g. Use a 0.01 significance...
-
What are the primary reason(s) for completing a financial spread analysis for a company?
-
1. What are the four (4) pillars of international trade finance? 2. How do banks differ from EFAs and IFIs? 3. Please explain and describe three (3) international trade finance risks. Make sure to...
-
Why should a lender feel comfortable in providing debt finance for most of the project costs?
-
What is Darren and Kathy's current ratio? Current assets $9,243 Current liabilities Monthly nondiscretionary expenses Yearly income $3,921 $4,693 $70,000 Annual debt expenses (excluding monthly...
-
US Dollar Exchange Rates US Dollar (USD) Units per USD USD per Unit British Pound 0.711579 1.405332 What is the unit exchange rate of US dollars to British pounds?
-
On January 1, 2019, Kelley became a 10 percent partner of the Realty Partnership upon contributing land he had held as an investment for five years. The basis of the land to Kelley was $200,000, but...
-
A local politician is concerned that a program for the homeless in her city is discriminating against blacks and other minorities. The following data were taken from a random sample of black and...
-
Define the instantaneous forward rate to be lim SR+ L t [R, S]. Show that lim L[R, S] = SR+ - In B(t, R). R
-
You are on the accounting staff at Jeff Pong Company. Jeff Pong is based in California and has recently acquired a subsidiary, Mak Hung Enterprises, located in Guangzhou, China. The board of...
-
To help you become familiar with the accounting standards, this case is designed to take you to the FASBs Web site and have you access various publications. Access the FASBs Web site at www.fasb.org....
-
A foreign subsidiarys functional currency determines whether its financial statements should be translated or re-measured. Identify the primary factor in determining a subsidiarys functional...
-
Cam, Inc., buys plain T-shirts and prints different designs on them for various occasions. It imports the T-shirts from Vietnam. The following is the sales estimates (in units) for the next five...
-
5. The diagram below shows a toy cart possessing 16 joules of kinetic energy traveling on a frictionless, horizontal surface toward a horizontal spring. If the cart comes to rest after compressing...
-
. Tracy and Diane, working as two hairstylists at coiffeur, dress hair of women at a rate of 3 women per hour. The hairdressing time for Tracy and Dianeis exponentially distributed. Women arrive to...
Study smarter with the SolutionInn App