User Account

All Pages

Determine the pension expense to be reported

Assignment Help Accounting Basics
Reference no: EM133169354

Question -

Q1. Presented below is pension information related to Tyre Recycling Inc., for the calendar year 2019. The corporation uses ASPE.

Current service costs $50,000

Contributions to the plan 55,000

Actual return on plan assets 40,000

Defined benefit obligation (beginning of year) 600,000

Fair value of plan assets (beginning of year) 400,000

Interest cost on the obligation 10%

Required - Determine the pension expense to be reported for 2019?

Q2. Presented below is information related to Rip-Off Fuels Inc. for calendar year 2019. The corporation uses IFRS.

Defined benefit obligation, Jan 1 $720,000

Fair value of plan assets, Jan 1 700,000

Current service cost 90,000

Contributions to plan 125,000

Actual and expected return on plan assets 56,000

Past service costs (effective Jan 1) 10,000

Benefits paid to retirees 96,000

Interest (discount) rate 9%

Required - What the balance of the defined benefit obligation at December 31, 2019?

Reference no: EM133169354

Questions Cloud

Develop outline of pre-departure training : Develop outline of pre-departure training with thorough description and explanation of training programs that you suggest for improving expatriate performance
Alphabetic indexing rules : Why do companies or individuals use the Alphabetic Indexing Rules? a} Is the alphabetic filing method the least common method of storing records?
Describe five types of stress : List and describe five types of stress that people could experience at work. Think of as many types of stress as you can.
Job advertisement that gives potential candidates : This Assignment is to prepare a job Advertisement for the HR Advisor position.
Determine the pension expense to be reported : Presented below is pension information related to Tyre Recycling Inc., for the calendar year 2019. Determine the pension expense to be reported
Motivational strategies of the arcs model : Which one do you think would be most important for a two hour class on respiratory protection? Explain your choice. Must be at least 200 word
Explanation of benefits : A patient states, "My insurance company didn't pay the claim you submitted for my surgery. The Explanation of Benefits says there wasn't an authorization on fil
The conventional wisdom of monolithic expansion : The conventional wisdom of monolithic expansion, ownership of all strategic resources, and carefully controlled market entry appears outdated.
Indicate the type of responsibility center involved : For each of the above independent scenarios, indicate the type of responsibility center involved (cost, revenue, profit, or investment)

Reviews

Write a Review

Accounting Basics Questions & Answers

  The june 1 work in process inventory consisted of 5000

nbspclopack company manufactures one product that goes through one processing department called mixing. all raw

  How the audit plan will be affected

How the audit plan will be affected and recommend specific audit procedures to address the risks associated with each account identified

  Determine the estimated loss at cost due to shoplifting

The local supermarket, which uses the retail inventory method is suspicious that employees are doing some major shoplifting. The store took a physical inventory at the end of the year which totaled $160,000 at retail. Determine the estimated loss (at..

  Hoboken corporation issued 649000 8 10-year bonds on

hoboken corporation issued 649000 8 10-year bonds on january 1 2012 for 606786. this price resulted in an

  What is your assessment of The Garden Spot performance

Based on your review of the financial statements, what is your assessment of The Garden Spot's performance during its first year of operations

  What is a loss contingency

Question - What is a loss contingency? What criteria have to be met for a company to accrue a loss contingency

  What is the amount of dividends common shareholders

Blue's board of directors declared cash dividends of $50,000 in 2018 after paying $20,000 cash dividends in 2017. What is amount of dividends common shareholder

  Indicate to which account adama would debit each of the cost

Adama Company incurred the following costs. Sales tax on factory machinery purchased $ 5,000. Painting of and lettering on truck immediately upon purchase 700.

  Compute the amount of revenue and gross profit

Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,600,000. The project began in 2016 and was completed In 2017.

  Prepare the necessary adjusting entries at october

On October 31, 2017, Lisik Company had a cash balance per books of $8,946. Prepare the necessary adjusting entries at October 31

  Discuss the characteristics of the principle based

Discuss the characteristics of the principle based on the code.

  Journal entry to record bond interest accrued

On August 1, 2007, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each February 1 and August 1.

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