following pension plan information is for Jin Company at December 31, 2018. Defined benefit obligation------------------ P8,400,000 Plan assets (at Fair value)---------------------6,150,000 Past service costs------------------------ 540,000 Pension expense for 2018---------------- 3,000,000 Contribution for 2018--
Q: Mi Casa Restaurants of Las Cruces, New Mexico, has the following employees as of December 31: Annual…
A: Annual wages FUTA FUTA payable Ariana 36300 7000 x 0.6% 42 Mark…
Q: Exercise 9-3 (Algo) Revenue and Spending Variances [LO9-3] Quilcene Oysteria farms and sells oysters…
A: When Actual revenue are less than flexible revenue then the resulting variance is an unfavorable…
Q: Production and sales estimates for May for Cardinal Co. are as follows: Estimated inventory…
A: The sales budget includes all the income and expenses of the business on the basis of past…
Q: Preble Company manufactures one product. Its variable manufacturing overhead is applied to…
A: Lets understand the basics. Management prepares flexible budget so as to determine sales revenue,…
Q: Lou Barlow, a divisional manager for Sage Company, has an opportunity to manufacture and sell one of…
A:
Q: Atten’tive Company Finance Department has presented to the Heads of Department their cash payment…
A: Introduction:- A budget is an anticipation of revenue and expenses over a defined future period of…
Q: How much cash Bea should receive?
A: Give Information Profit sharing Ratio Ada 3/21 Bea 4/21 Cindy 6/21 Diane 8/21 Capital…
Q: X Corporation expects the following transaction in 2020. Their first year of operations. ·…
A: Here discuss about the details of calculation of ending cash balance while consider the total fact…
Q: Based on the following information, prepare the Master Budget for Brindle Arts,Inc. for Quarter 2,…
A: The master budget includes all the possible budgets so that the management can analyze how much they…
Q: De Law Construction has a gotten some construction jobs to build some starter housing units in a few…
A: A due date is that date wherein something falls due, especially the payment of a bill or Emi of a…
Q: Find the periodic payments PMT necessary to accumulate the given amount in an annuity account. HINT…
A:
Q: Alvarado Company produces a product that requires 7.5 standard direct labor hours per unit at a…
A: Direct labor rate variance calculates the difference in standard labor cost and actual labor cost…
Q: Yordi Company expects to sell 1,950 units in January and 1,700 units in February. The company…
A: Introduction: The cost of goods sold budget of a firm is an important component of its operational…
Q: During 2018, Concord Tools Ltd., a Canadian public company, purchased a building site for its…
A: As per GAAP, R&D costs are written-off in the same period irrespective of future benefit.
Q: Analyze the foregoing transactions using the following tabular arrangement. Insert the amounts in…
A: Analysis of items :— Plant site means location of plant or building. Purchase of plant site is…
Q: Determine the direct labor budget for this year.
A: Labor Cost Budget is prepared by the Business entity to estimate the labor cost to be incurred for…
Q: Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a…
A: Journal entries are reported in the books in order to record the business transactions. These are…
Q: For a project that has a net investment of $1,500,000 and net cash flows of $400,000 for 5 years; Is…
A: Internal rate of return is the rate of return earned on an investment. It is the rate of return at…
Q: Disk City, Inc., is a retailer for digital video disks. The projected net of 290,000 video disks.…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
Q: Listed below are a company’s monthly unit costs to manufacture and market a particular product.…
A: Concept maximum amount per unit that the company can pay the supplier without decreasing its…
Q: Lindstrom Company produces two fountain pen models. Information about its products follows: Product…
A: Lets understand the basics. Contribution margin ratio is a ratio which shows the contribution…
Q: ABC Corporation reported a profit of P7,500,000 as of December 31, 2022. The company has the…
A: According to the given question, we need to compute the earnings per share. Earning per share:…
Q: Revenues - Manufacturing Expenses - Marketing Expenses - Depreciation =EBIT - Taxes (20%) =Unlevered…
A: Break even point is the point where present value of cash inflow is equal to present value of cash…
Q: Determine direct materials standards. BE12.2 (LO 1) Hideo Company accumulates the following data…
A: Introduction: Materials and supplies consumed during the manufacturing of a product that are…
Q: 35 million in 2022. Depreciation for the year was $216,000, accounts receivable decreased $472.500,…
A: Cash Flow Statement - It is the statement which shows the flow of cash in three different activity…
Q: Please explain whether a change in the company's capital structure is likely to reduce its overall…
A: Weighted average cost of capital WACC gives the firms combined cost of capital, including the…
Q: omework Exercise 10-5 (Algo) Determine the amount of dividends on preferred stock (LO10-3)…
A: SOLUTION:- Calculation of the Dividend payable to Preferred stockholders per year = (1,100 shares *…
Q: Stephanie Corporation sells a single product. Budgeted sales for the year are anticipated to be…
A: 1. Direct material - This is the raw material that is used to produce a product. The cost of this…
Q: The company has Fixed cost of 500,000 and CMR of 30%. If the company projected that net loss of…
A: Contribution Margin Ratio: A company's contribution margin ratio, also known as the CM ratio, is…
Q: How would you record the collection of a $500 debt from a customer who purchased merchandise on…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: A homeowner planning a kitchen remodeling can afford a $300 monthly payment. How much can the…
A: The homeowner can borrow an amount equal to the present value of the monthly payment, calculated…
Q: uan dela Cruz, a newly hired operations manager of ABC Company, wondered how much would be his…
A: Tax on compensation income refers to the tax levied on compensation received by the employee from…
Q: The present value index for this investment is Oa. 0.95 Ob. 1.00 Oc. 1.05 Od. 1.25
A: Present Value Index (PVI) is the ratio of the net present value to the initial expenditure required…
Q: Budgets need to be fair and attainable for employees to consider the budget important in their…
A: Budget refers to the estimation that the company and the individual made for the revenue and the…
Q: Journalize the 2022 transactions. (Record journal entries in the order presented in the problem.…
A: Journal Entries Date Particulars Debit ($) Credit ($) Jul-01 Cash 10840 Dividend…
Q: ABC Corporation reported a profit of P7,500,000 as of December 31, 2022. The company has the…
A: Earnings per share is one of the important calculation in business. It shows how much net income or…
Q: High-low method-missing amounts The following data have been ekracted from the records of Puzzle Inc…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: ABC Corporation currently have Ordinary Share Capital, P20 par, 50,000 shares and undertakes a 2 for…
A: The share split does not effect the total shareholders' equity of the business. It effects only the…
Q: um, Inc. is considering the purchase of new mining equipment. The equipment will cost $1,500,000 and…
A: NPV is net present value and is the difference between the present value of cash flow and initial…
Q: Cases A B C DE Sales Beginning Revenue Inventory S 1,100 S 1,300 1,280 1,400 Purchases 500 $ 1,200…
A: Working Notes : A. Cost of Goods Available for Sale = Beginning Inventory + Purchases…
Q: Cost of Quality Report This year, Finn Corporation implemented programs designed to assess the…
A: Quality Control Activities Activity Cost Rework Internal Failure Costs $38,400 Inspecting…
Q: Problem no. 1 SPRING Company bottles mineral water. The water is filtered in Department 1 and then…
A:
Q: On September 1, Jerry’s Lighting purchased merchandise with a list price of $6,700 with credit terms…
A: Lets understand the basics. For attracting early cash receipt, seller generally offer discount term…
Q: Journalize the necessary adjusting entry at the end of the accounting period, assuming that the…
A: The calculation for outstanding salary Outstanding salary = Weekly salary x Day's salary outstanding…
Q: What amount of interest should be capitalized for the fiscal year ending December 31, 2020,…
A: Interest Capitalization According to IAS 23 which specifies the details of the calculation of…
Q: The company has a 10% interest bearing, promissory note of 50,000, payable after 5 years. Sales…
A: The financial leverage is the ratio that helps in measuring the dependency of the entity on debt…
Q: the shares issued for cash the year would be _____shares.
A: Legal capital refers to the amount of the corporation's equity that cannot be legally allowed to…
Q: On December 31, 2020, Shenandoah Company had 100,000 shares of common stock outstanding and 40,000…
A: Basic earning per share is earning attributable to per common share. And diluted earning per share…
Q: Blue Ridge Marketing Inc. manufactures two products, A and B. Presently, the company uses a single…
A: Manufacturing overhead is the costs incurred in a factory which are neither direct materials nor…
Q: Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive…
A:
The following pension plan information is for Jin Company at December 31, 2018.
Defined benefit obligation------------------ P8,400,000
Plan assets (at Fair value)---------------------6,150,000
Past service costs------------------------ 540,000
Pension expense for 2018---------------- 3,000,000
Contribution for 2018-------------------- 2,400,000
The amount reported as the liability for pensions on the December 31, 2018
a. P2,250,000
b. P1,950,000
c. P1,710,000
d. P1,050,000
Step by step
Solved in 2 steps
- The following information relates to the pension plan of Jin Company at December 31, 2018. Defined benefit obligation, January 1----------------------------- P8,000,000 Plan assets (at Jin value), January 1------------------------------- 9,500,000 current service costs------------------------------------------- 3,600,000 Actual return on plan assets --------------------------------- 1,200,000 Actuarial loss on defined benefit obligation ------------------------120,000 Contribution for 2018 ------------------------------------------ 3,300,000 Benefits paid to employees during the year 2018 --------- 2,700,000 Discount rate ---------------------------------------------------------10% How much is the defined benefit obligation at December 31, 2018? a. P8,000,000 b. P9,820,000 c. P12,400,000 d. P12,520,000Presented below is pension information related to Sheridan Company as of December 31, 2021: Accumulated benefit obligation Projected benefit obligation Plan assets (at fair value) Accumulated OCI (G/L) $ 3264000 O Pension Asset of $293000. O Pension Liability of $593000. Pension Liability of $293000. Pension Asset of $886000. 3857000 4150000 113000 The amount to be reported as Pension Asset / Liability as of December 31, 2021 is1. Compute 2022 net periodic pension expense. The 2022 records of MPS Company provided the following data related to its noncontributory, defined benefit pension plan (amounts in PO00s): a. Accumulated benefit obligation (report of actuary) Beginning balance P3,000 Service cost 1,200 Interest cost 240 Pension benefits paid Ending balance (400) P4,040 Discount rate used by actuary, 8% b. Plan assets at fair value (report of trustee): Beginning balance Actual return on plan assets Contributions P2,400 168 1,016 (400) Pension benefits paid Ending balance Р3,192 Expected long-term rate of return of plan assets, 7% c. January 1, 2022, balance of unrecognized prior service cost, gains and losses, and transaction cost, zero.
- d. The following information pertains to Lasting Inc.'s defined benefit plan. Description Projected benefit obligation Plan assets at fair value Accumulated OCI-Pension Gain/Loss Accumulated OCI-Prior Service Cost Accumulated benefit obligation On Lasting Inc's December 31 balance sheet, what amounts would the company report for assets, liabilities and stockholders' equity? Select one: Assets Liabilities Stockho $0 $13,000 Assets Liabilities $132,000 $145,000 Assets Liabilities Stock SO $13,000 Assets Liabilities $132,000 $145,000 Assets Liabilities Stockh $132,000 $128,000 Equity $70,000 $145,000 Cr. 132,000 DT. 18,000 Dr. 88,000 Cr. 128,000 Cr. $70,000 s Equity $0 TULEV SO $70,000A partial pension worksheet for Sunland Corporation is shown below. Items Balance, Jan. 1, 2025 (a) Service Cost (b) Interest Cost (c) Actual Return (d) Contributions (e) Benefits Journal Entry for 2025 Balance, Dec. 31, 2025 Annual Pension Expense The service cost for 2025 is ?? General Journal Entries $69000 dr 28000 dr 29000 cr Sunland Corporation Pension Worksheet Cash $69000 cr ?? Pension Asset/ Liability $- ?? Memo Record Projected Benefit Obligation $128000 cr $128000 dr ?? Plan Assets ??The following data are for the pension plan for the employees of R Company. 1/1/15 12/31/15 12/31/16 Defined benefit obligation P8,100,000 P8,400,000 P11,100,000 Plan assets (at fair value) 6,900,000 9,000,000 9,900,000 AOCI – net loss -0- 1,440,000 1,500,000 Discount rate (for year) 8% 7% R's contribution was P1,260,000 in 2016 and benefits paid were P1,125,000. R estimates that the average remaining service life is 15 years. Assume that the actual return on plan assets in 2016 was P800,000. The gain on plan assets in 2016 was
- The following pension plan information is for Crane Company at December 31, 2026: Projected benefit obligation Accumulated benefit obligation $ 8400000 7350000 Plan assets (at fair value) 5932000 Accumulated OCI (PSC) 420000 Pension expense for 2026 2400000 Contribution for 2026 1812000 The amount to be reported as the liability for pensions on the December 31, 2026 balance sheet is ○ $1638000. ○ $2468000. ○ $1418000. ○ $2006000.BANTRY Company reported the following in its 2021 annual report with respect to retirement benefit obligations (i.e., Pension Obligations) Interest Revenue on Plan Assets Service Cost Interest on Defined Benefit Obligations QUESTION ONE: MCQ 3 What is BANTRY Company's Pension Expense for 2021? A. $100,000 B. $700,000 C. $300,000 D. $500,000 E. None of these answers $600,000 $300,000 $400,000 THE FOLLOWING INFORMATION RELATES TO MCQ 4 QUESTION ONE: MCQ 4 Suppose KINSALE Company had Pension Plan Assets on 1 January 2021 of $4,000,000 and Pension Plan Assets on 31 December 2021 of $6,000,000. Assume that the 2021 Contributions to the Pension Fund were $3,400,000 while the Benefits Paid from the Pension Fund were $4,600,000. What was KINSALE Company's return on Plan Assets for 2021? A. $2,700,000 B. $2,900,000 C. $3,100,000 D. $3,200,000 E. None of these answersbeow the defined benefit pension plan of Equinox Co Ltd for the year2019: Plant Assets $ in 000 Balance at January 01, 2019 600Expected return on plan assets 61Contribution received 49Benefits paid -40Actuarial gain (balancing figure) 15 685 Plant Liabilities: Balance at January 01, 2019 640Interest cost 52Current Service Cost 21Benefit paid -40Actuarial gain (loss) (balancing) 42 715 Calculate: i. Pension expense to be recognised in profit or loss for the year ended December 31, 2019. ii. Net liabilities to be shown in the Statement of Financial Position as of December 31, 2019
- Current Attempt in Progress The following data are for the pension plan for the employees of Beaufort Company. Accumulated benefit obligation Projected benefit obligation Market-related asset value Plan assets (at fair value) Unrecognized net loss Settlement rate (for year) Expected rate of return (for year) 1/1/17 O $135,300. O $81,700. O $51,800. O $37,600. $7,350,000 7,998,000 7,468,000 7,762,000 0 12/31/17 12/31/18 $7,644,000 $9,996,000 8,232,000 10,689.000 8.350,000 9,014,000 8.820,000 9,901,000 1,450,000 1,490,000 10% 995 9% 8% Beaufort's contribution was $1,247,000 in 2018 and benefits paid were $1.102,000. Beaufort estimates that the average remaining service life is 15 years. The actual return on plan assets in 2018 was $749,700. The unexpected gain on plan assets in 2018 wasItems Balance, Jan. 1, 2025 (a) Service Cost (b) Interest Cost (c) Actual Return (d) Contributions (e) Benefits Journal Entry for 2025 Balance, Dec. 31, 2025 The service cost for 2025 is O $115000. O $6000. O $37000. O $38000. Annual Pension Expense ?? dr 15000 dr General Journal Entries 16000 cr $37000 Pharoah Corporation Pension Worksheet Cash $37000 cr ?? Show Transcribed Text Pension Asset/ Liability ?? Memo Record Projected Benefit Obligation $115000 cr $115000 dr ?? Plan Assets ??Determining Pension Expense The following information pertains to Qdobe Corporation’s defined benefit pension plan for 2020. Service cost $512,000 Actual and expected gain on plan assets 112,000 Actuarial loss on PBO incurred during 2020 128,000 Amortization of unrecognized prior service cost 16,000 Annual interest on pension obligation 160,000 What amount should Qdobe report as pension expense in its 2020 income statement? Assume no beginning balance in Accumulated OCI—Pension Gain/Loss. Pension expense, 2020