+1835 731 5494 Email: instantessays65@gmail.com

ACC 423 Week 4 Individual Assignment

$12.99

Description

ACC 423 Week 4 Individual Assignment The following information pertains to Gali Co.’s defined benefit pension plan for year 2: Fair value of plan assets, beginning of year $350,000 Fair value of plan assets, end of year 525,000 Employer contributions 110,000 Benefits paid 85,000 In computing pension expense, what amount should Gali use as actual return on plan assets? $ 65,000 $150,000 $175,000 $260,000 In which of the following pension instances would the pension asset/liability adjustment (net of tax), be reported on the balance sheet for a particular year? Only when there is an amendment to a defined benefit pension plan. Only when the projected benefit obligation exceeds plan assets. When the unrecognized prior service cost exceeds the additional pension liability required to be recognized. When the additional pension liability required to be recognized exceeds the unrecognized prior service cost. The following information pertains to Kane Co.’s defined benefit pension plan: Pension asset (liability), January 1, year 5 $ 2,000 Service cost 19,000 Interest cost 38,000 Actual return on plan assets 22,000 Amortization of unrecognized prior service cost 52,000 Employer contributions 40,000 The fair value of plan assets exceeds the projected benefit obligation. In its December 31, year 5 income statement, what amount should Kane report as pension cost? $45,000 $49,000 $67,000 $87,000 An employer sponsoring a defined benefit pension plan is subject to the pension liability recognition requirement. A pension liability must be recorded equal to the unfunded Accumulated benefit obligation plus the previously recognized accrued pension cost. Accumulated benefit obligation less the previously recognized accrued pension cost. Projected benefit obligation less the fair value of plan assets. Projected benefit obligation less the previously recognized accrued pension cost. Parker Co. amended its pension plan on January 2 of the current year. It also granted $600,000 of unrecognized prior service costs to its employees. The employees are all active and expect to provide 2,000 service years in the future, with 350 service years this year. What is Parker’s unrecognized prior service cost amortization for the year? $0 $ 2,000 $105,000 $600,000 Kemp Company provides a defined benefit postretirement plan for its employees. Kemp adopted the plan on January 1, year 1, in accordance with the provisions of ASC Topic 715. Data relating to the pension plan for year 1 are as follows: Service cost for year 1 28,000 Interest on the accumulated postretirement benefit obligation 5,000 Amortization of the unrecognized transition obligation 8,000 At the end of year 1, Kemp makes a benefit payment of $10,000 to employees. In its December 31, year 1 balance sheet, Kemp should record accrued postretirement benefit cost of $35,000 $31,000 $51,000 $15,000 What is the present value of all future retirement payments attributed by the pension benefit formula to employee services rendered prior to that date only? Service cost. Interest cost. Projected benefit obligation. Accumulated benefit obligation. Cey Company has a defined benefit pension plan. Cey’s policy is to fund net periodic pension cost annually, payment to an independent trustee being made 2 months after the end of each year. Data relating to the pension plan for year 5 are as follows: Net pension cost for year 5 $190,000 Unrecognized prior service cost, 12/31/Y5 150,000 Accumulated benefit obligation, 12/31/Y5 480,000 Fair value of plan assets, 12/31/Y5 500,000 Projected benefit obligation 12/31/Y5 500,000 How much should appear on Cey’s balance s

Reviews

There are no reviews yet.

Be the first to review “ACC 423 Week 4 Individual Assignment”

Your email address will not be published. Required fields are marked *