User Account

All Pages

Calculate the post-retirement benefit expense

Assignment Help Accounting Basics
Reference no: EM132746225

Question: Rosek Inc. provides the following information related to its post-retirement health-care benefits for the year 2020:

Defined post-retirement benefit obligation at January 1, 2020 $110,000

Plan assets, January 1, 2020 42,000 Actual return on plan assets, 2020 3,000

Discount rate 10%

Service cost, 2020 $57,000

Plan funding during 2020 22,000

Payments from plan to retirees during 2020 6,000

Actuarial loss on defined post-retirement benefit obligation, 2020 (end of year) 31,000

Rosek Inc. follows IFRS.

Instructions: a. Calculate the post-retirement benefit expense for 2020.

b. Calculate the post-retirement benefit remeasurement gain or loss-other comprehensive income (OCI) for 2020.

c. Determine the December 31, 2020 balance of the plan assets, the defined post-retirement benefit obligation, and the plan surplus or deficit.

Reference no: EM132746225

Questions Cloud

What is the average length of time each spends : At Yamli University, the Registrar's office processes students requests towards the end of the Summer. The office has one staff assisting the students.
What is the return on net operating assets : What is the return on net operating assets (RNOA), to two decimal places, if the company has an asset turnover of 3.6 and a profit margin of 5.3%?
What is the company residual earnings : A company generates an after-tax profit of $135m on an opening book value of equity of $808m. What is the company's residual earnings (to one decimal place).
Define unique nature of commercial banks financial statement : Commercial banks' financial statements have a unique nature compared to other non-financial institutions. Discuss this statement explaining the unique nature.
Calculate the post-retirement benefit expense : Rosek Inc. provides the following information related to its post-retirement health-care benefits for the year 2020: Defined post-retirement benefit obligation.
What the break-even in monthly unit sales would be : Homedelt. produces and sells a single product. The selling price of the product is $230.00 per unit and its variable cost is $66.70 per unit.
How much does the firm have in net fixed assets : Sales are $4,440, the profit margin is 9.5 percent, and the return on equity is 19.5 percent. How much does the firm have in net fixed assets?
Calculate annualised holding period return for investments : Investment A expects to pay quarterly dividends of $0.65 per share and is currently trading at $32.30 per share. You anticipate that you could sell the share.
How much is the accounting gain : The Simpson Corporation, Net income for the year was zero. How much is the accounting gain/loss due to the exchange rate changes?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss what is cash and cash equivalents

what is different between income statement and balance sheet and how do i know what goes on each, Discuss what is cash and cash equivalents

  Prepare the missing adjusting entry

Accumulated depreciation-equipment at 1/1/10 was $230,000. You are to prepare the missing adjusting entry

  Question - calculating project npv

Question - Calculating Project NPV. The project is estimated to generate $2,600,000 in annual sales, with costs of $1,125,000

  Variances provide means of performance evaluation

Variances provide means of performance evaluation and provide motivation for employees

  What is meant by comprehensive income

What is meant by Comprehensive Income? How should Comprehensive Income be presented in the financial statements?

  Discuss the financial statements of juniper corporation

This increase in market value of outstanding stock is not recorded in the financial statements of Juniper Corporation

  Identify three situations in which accounting measures

Identify three situations in which accounting measures are based on present values. Do these present value applications involve single sums or annuities, or both single sums and annuities? Explain.

  How the use of the lifo method to value its inventories

How the use of the LIFO method to value its inventories will be impacted if a switch to financial statements prepare in compliance with IFRS

  What amount did Swifty receive from the bond issuance

Interest is payable semiannually on April 1 and October 1. What amount did Swifty receive from the bond issuance

  A company bought a new display case for 42000 and was given

a company bought a new display case for 42000 and was given a trade-in of 3500 on an old display case so the company

  Accounting information system

Write a project report on the given topic " ACCOUNTING INFORMATION SYSTEM:  A CASE STUDY ON MAJU JAYA SDN BHD"This whole assignment concentrates upon two facts. Firstly the usefulness of the accounting information system and secondly the characterist..

  Tom receives 80 in child support payments each week there

tom earns 15 per hour for up to 40 hours of work each week. he is paid 30 per hour for every hour in excess of 40. tom

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