User Account

All Pages

Determine the pension-related amount

Assignment Help Accounting Basics
Reference no: EM131776635

Question 1

The following data relate to the defined benefit pension plan of the Chicago Corn Corporation during 2013 (all amounts in thousands):

Service Cost $4,200

Actual return on the pension plan assets $625

Benefits paid to retirees $250

Contributions to the pension plan assets $2,625

Discount (settlement rate) for PBO 9%

Expected return on pension fund 10%

In addition, at the beginning of the year, Chicago Corn Corporation had a projected benefit obligation (PBO) of $25,000 and a pension fund assets with a fair value of $23,000. There were no prior service cost, nor were the deferred pension gains or losses.

(a) Determine the pension-related amount that should be reported on the company's balance sheet on January 1, 2013.

(b) Determine the pension benefit obligation as of December 31, 2013.

(c) Compute the fair value of the pension fund as of December 31, 2013.

(d) Compute pension expense for the year.

(e) Prepare the summary journal entries relating to the pension plan for 2013.

Reference no: EM131776635

Questions Cloud

Discuss the interpretation of the history by the authors : Discuss the interpretation of the history by the authors of the Deuteronomistic History. Contrast the Dtr, Hist. approach with the modern one.
Discuss journal entries to record the issuance of the bonds : Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense
Develop an informational website for the veterinary office : develop an informational website for the veterinary office where she works. The website will require schedule information and services offered
Discuss the rise of universities during the middle ages : Discuss the rise of universities during the Middle Ages. Why were they established, and how do they compare to modern colleges and universities?
Determine the pension-related amount : Determine the pension-related amount that should be reported on the company's balance sheet on January 1
What is robert adjusted gross income : Robert Brown age 21 is a full time student at Marshall College and a degree candidate for a bachelor's degree. What is Robert's adjusted gross income for 2010
What circumstances contributed to the event : You will need to choose at least 4 specific events that you plan. What circumstances contributed to the event? How this event was historically significant?
Discuss what amount was reported as net income : dividends paid on common stock were $100,000. In Reed's 20X1 Statement of Cash Flows, what amount was reported as net income
How much of the cost must done include in his income : Driller was covered for the full 12 months of 2010. How much of the cost must Done include in his income for 2010

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the break-even point and to comment on figures

A local authority, whose area includes a holiday resort situated on the east coast, operates, for 30 weeks each year, a holiday home which is let to visiting.

  Distinguish between a capital and an operating expenditure

distinguish between a capital expenditure and an operating expenditure. explain why a company might want to capitalized expenditures rater than expense them. what impact would such a decision have on its financial statement?

  Harmonisation of regulatory frameworks

'The only influences on the regulatory framework of a country are the legal system and the language of a country.' Discuss with particular reference to China. 'Any moves towards European harmonisation of regulatory frameworks are doomed to failure..

  What is the probability that at least one of them

The company president always invites one of the 5 vice presidents to attend games with him, and claims he selects the person to attend at random.

  Identify and define the three classifications prescribed

identify and define the three classifications prescribed by gaap regarding accounting for contingencies to identify the

  Prepare journal entries for these transactions

On 2009 May 1, Farmington Company received a charter that authorized it to issue: Prepare journal entries for these transactions

  Difference between period cost and product costs

Difference between period cost and product costs, Cougar One, a manufacturer, reports costs for the year as follows:

  Explain a possible reason behind the conventioneers

Explain a possible reason behind the conventioneers' unhappiness.

  Discuss what effect will the inventory error

what effect will the inventory error in 2015 have on reported amounts for ending inventory

  On june 30 2013 georgia-atlantic inc leased a warehouse

on june 30 2013 georgia-atlantic inc. leased a warehouse facility from ic leasing corporation. the lease agreement

  Computing firm wacc

The after-tax cost of debt is 4.00%, the cost of preferred is 7.50%, and the cost of retained earnings is 11.50%. The firm will not be issuing any new stock. What is the firm's WACC?

  Cost of goods sold for the three-month period

Determine the inventory on August 31, 2014, and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.

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