User Account

All Pages

Calculate pension expense for the year

Assignment Help Financial Accounting
Reference no: EM132877569

Question - The following facts apply to the pension plan of Cullumber Inc. for the year 2020. Cullumber applies ASPE.

Plan assets, January 1, 2020 $514,000

Defined benefit obligation, funding basis, January 1, 2020 412,000

Defined benefit obligation, accounting basis, January 1, 2020 514,000

Discount/interest rate 8.50%

Annual pension service cost 40,600

Contributions 31,000

Actual return on plan assets 52,040

Benefits paid to retirees 33,800

Calculate pension expense for the year 2020, and provide the entries to recognize the expense and contributions for the year assuming that Cullumber has chosen the funding measure of its defined benefit obligation as its accounting policy choice.

Reference no: EM132877569

Questions Cloud

How is socialism distinct from communism : How is socialism distinct from communism, according to Marx and Engels? How is each type of socialism related to the development of capitalism?
Calculate the current profit of the bank : Owen bank pays an average interest of 7% for its deposits and the bank receives 10% on average for its loans. Calculate the current profit of the bank
Show computations of price and efficiency variances : Dunn, Inc., is a privately held furniture manufacturer. Show computations of price and efficiency variances for direct materials and direct manufacturing labor
Develop the single cylinder into a four cylinder model : Develop the single cylinder into a four cylinder model and perform the necessary joining and corrections in the inlet side and the exhaust side
Calculate pension expense for the year : Calculate pension expense for the year 2020, and provide the entries to recognize the expense and contributions for the year
Compute the company total product cost per unit : Absorption costing and overproduction - Compute the company's total product cost per unit under absorption costing if 12,500 units had been produced
What is the total of Paul qualifying medical expenses : The appraisal states that his residence was worth $3501000 before the system was installed. What is the total of Paul qualifying medical expenses
What is the yield today for two-year Treasury securities : If the pure expectations theory is correct, what is the yield today for 2-year Treasury securities? Calculate the yield using a geometric average
What is the email of odsp : What is the email of ODSP (Ontario Disability Support Program)?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the debt to equity ratio for hd chocolates

What is the debt to equity ratio for HD Chocolates? Where would you look to find the amount of accumulated depreciation for HD Chocolate? What is the current ratio for HD Chocolate? How do we determine if a liability is current?

  Prepare the entries of tenant creek exploration ltd

ACT204 FINANCIAL ACCOUNTING Assignment. In accordance with AASB 121, prepare the entries of Tenant Creek Exploration Ltd to record the borrowing transaction, the borrowing costs expense, the borrowings costs paid and the re-measurement of the borr..

  Question prepare journal entries in the general fund of the

question prepare journal entries in the general fund of the brownville school district.a. the district had outstanding

  By what amount of change in the fair value of bearer plants

If the bearer plants are considered to have dual purpose, by what amount of the change in fair value of bearer plants that pertains to physical transformation

  Journalize the patent acquisition and amortization for year

The company estimates the useful life of the patent to be 10 years. Journalize the patent acquisition and amortization for the year

  What amount of loss on impairment of goodwill should gaylord

A&B Corporation acquired Shoe Corp. on January 1, 2019. What amount of loss on impairment of goodwill should Gaylords record in 2019?

  What is the dividend yield and expected capital gains yield

Superstar Corporation has calculated their required rate of return on their common stock, What is the dividend yield and expected capital gains yield?

  How close does the bees reported ticket revenue

How close does the Bees reported ticket revenue for 2014 have to be to your expectation for you to consider reported ticket revenue reasonable or fairly stated?

  What amount is credited to capital stock upon issuance

If cherry lyn balagtas makes full payment of her subscription balance, at what amount is credited to Capital Stock upon issuance of certificate?

  Calculate total stockholders equity at the end of the year

Stockholders equity totaled $41,000 at the beginning of the year. Calculate total stockholders equity at the end of the year

  Analyze what is the current bond price

The bonds make semiannual payments and have a par value of $1,000. If the YTM on these bonds is 5.3 percent, what is the current bond price?

  What hamlet cost of goods sold for the current year is

What Hamlet's cost of goods sold for the current year is? Beginning inventory 680,000. Ending inventory 740,000. Purchase returns 12,000

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd