Mika Imports Ltd. provided the following pension plan information: Required: a. Calculate the expected value of the

Question:

Mika Imports Ltd. provided the following pension plan information:

Required:

a. Calculate the expected value of the plan assets on December 31, 2021.

b. Calculate the actual rate of return on plan assets earned in 2021.

c. Prepare the journal entry to account for the deviation between the expected and actual return for the year.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Intermediate Accounting Volume 2

ISBN: 9780135220498

4th Edition

Authors: Kin Lo, George Fisher

See More Books

Question Posted: Nov 01, 2022 04:18 AM

See More Questions

Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
Prepare the journal entry to record Selectist Companys issuance of 104,000 shares of no-par value common stock assuming the shares: a. Sell for $15 cash per share. b. Are exchanged for land valued at...
On December 31 2021 corporation (an equipment manufacturer) sold equipment that cost 300000 to abc company ( a construction company). The agreement was stipulated that abc would pay make five...
Daniel and Karen Chapman have three children, aged 2, 8 and 11 at the end of the year. The 8 year old is blind and therefore qualifies for the disability tax credit. The other two are in good mental...
Refer to Exercise 10.7. a. Place a 99% confidence interval on the proportion of false negatives produced by the test. b. Is there substantial evidence (a = .01) that the test produces less than 2%...
For the following exercises, use the written statements to construct a polynomial function that represents the required information. A cube has an edge of 3 feet. The edge is increasing at the rate...
Mrs. Clarks Foods was an Iowa company engaged in the business of distributing juice beverages. International Suntrade and Miller & Smith Foods were Canadian companies that acted as brokers...
A traveler was stranded in her car recently in a snowy blizzard in Wyoming. Unable to drive any farther, the stranded motorist used her cell phone to dial 911 to call for help. Because the caller was...
4. Ethan bought new car worth $60 000. After 5 years, the car was worth $35 429.40. Calculate the depreciation rate of the Ethan's car. [T4] [C2]
Required: 1 (20 pts) Conduct a 2-year weighted annual sales forecast for the years 2023-2027. Place your results on the Sales line of the Milestone 1 Sales Forecast tab in the highlighted area. 2 (20...
At the beginning of the current year, a pension has assets of $45,600,000 and accrued benefit obligation of $57,500,000. During the year, the sponsor recorded $3,200,000 in pension expense and...
Current service cost for a defined benefit pension plan amounted to $6,800,000. This pension plans assets generated $5,500,000 of income, which exceeded expectations by $500,000. Pension obligations...
What is the design philosophy of ADO.NET?
Briefly, describe the following reimbursement systems and, using the descriptive approach, analyze the risks to providers under each system: a. Fee-for-service b. Discounted fee-for-service c....
Suppose your firm can purchase another firm for only half of its replacement value. Would this be sufficient justification for the acquisition?
Are mergers in the health services industry rising or falling? Explain your answer.
Define the following terms: a. Pure risks b. Speculative risks c. Demand risks d. Input risks e. Financial risks f. Property risks g. Personnel risks h. Environmental risks i. Liability risks j....
Prepare the bad debts account, provision for account, profit and loss account and balance sheet from the following information as on December 31, 2005 Adjustments : Bad debts Rs.500 Provision on...
Show that the density of a 5-kg solid cylinder that is 10 cm tall with a radius of 3 cm is 17.7 g/cm3.
H Corporation has a bond outstanding. It has a coupon rate of 8 percent and a $1000 par value. The bond has 6 years left to maturity but could be called after three years for $1000 plus a call...
Zippos financial statements as at December 31, 2016, appear below: Zippo Ltd. Income Statement For the Year Ended December 31, 2016 Sales...
Based on the information set out in PA-44 below, prepare the cash flows from operating activities section of the statement of cash flows using the direct method. Data from PA-44 Zippo Ltd.Income...
Electronic Arts Inc. (EA) is a name that is familiar to most gamers. The company develops and distributes software products such as Battlefield, Mass Effect, Need for Speed, Dragon Age, The Sims,...
calculate Kelly Services, Inc. WACC for the following debt percentages 0%, 30%, 50%, and 70% Exhibit 5 KELLY SERVICES, INC. Pro Forma 1986 Results for Alternative Capital Structures (dollars in...
Cardel Inc., a VAT taxpayer, operates a coliseum which caters to various athletic and artistic competition or events. During the quarter, Cardel reported receipts from the following events:...
Ann Isabel, a recent graduate from Tech, would like to be a millionaire when she will retire after 30 years. She would like to start with a deposit of $1,000 at the end of the first year and increase...

Mika Imports Ltd. provided the following pension plan information: Required: a. Calculate the expected value of the

Question:

Fair value of pension plan assets, January 1, 2021 Fair value of pension plan assets, December 31, 2021 Contributions to the plan-beginning of year Benefits paid to retirees-end of year Expected rate of return in 2021 $4,235,000 4,614,500 233,000 246,000 7.0%

Step by Step Answer:

a The expected value of the plan assets on December 31 2021 is 484550...View the full answer

Intermediate Accounting Volume 2

Students also viewed these Business questions