User Account

All Pages

Difference between defined benefit and defined contribution

Assignment Help Accounting Basics
Reference no: EM132611094

Question - The following information relates to the defined benefit pension plan for Stark Ltd. for 2020. The corporation uses ASPE.

Current service cost $348,000

Contributions 321,000

Actuarial loss 10,000

Expected & actual return on plan assets 8%

Fair value of plan assets, Jan 1 225,000

Defined benefit obligation, Jan 1 367,000

Interest rate for obligation 9%

Required -

Calculate the pension expense to be reported for 2020.

Prepare the journal entries to record pension expense and the employer's contributions for 2020.

What is the pension expense if the company uses IFRS.

Explain briefly the difference between defined benefit and defined contribution plans from the employer perspective.

Reference no: EM132611094

Questions Cloud

How you implement your proposed risk management strategy : Building upon the outline for an educational session you created in the Educational Program on Risk Management Part One: Outline of Topic 2 assignment.
Identify potential opportunities and challenges arising : Identify potential opportunities and challenges arising from the visit, with a rationale for each, plus a clear indication of how these could be managed.
Find the allowance for doubtful accounts at December : Bad debt are estimated to be 13% of accounts receivable. The allowance for doubtful accounts at December 31, 2021 is
How do find the size of the payments : On the understanding that she will receive 160 equal monthly payments with the first one to be made in two years. Find the size of the payments
Difference between defined benefit and defined contribution : Explain briefly the difference between defined benefit and defined contribution plans from the employer perspective
How do solve the net present value : How do Solve the Net Present Value and Internal Rate of Return and Present Value Index and Payback Period Discounted Payback Period
Is nursing perceived as professional partner with discipline : Share your perceptions based on your current work environment: Is nursing perceived as a professional partner with other disciplines?
How many units of product brat would need to be sold : Customers by adjusting the price of their product, how many units of product Brat would need to be sold next round to break even on the product?
What is net income attributable to noncontrolling interest : On January 1, 2021, Lowly's book value was $901,500, a figure that rises to $945,250. What is net income attributable to noncontrolling interest

Reviews

Write a Review

Accounting Basics Questions & Answers

  Term of a forward exchange contract

The transaction gain or loss to be recognized over the term of a forward exchange contract entered into to speculate in a foreign currency within a fiscal year is measured by the difference between the:

  How does investing in more than one asset reduce risk

What is the difference between an expected return and a total holding period return? How does investing in more than one asset reduce risk through.

  How much cash did quinn have to pay

Quinn Co. has a machine that cost $30,000 on July 1, 2000. Given the above, how much cash did Quinn have to pay

  How much is the material cost for May output

Fallon keeps material on hand at 20% of the next month's production needs. How much is the material cost for May's output

  What would be the bond value

A 10% bond of USD 1,000 issued with a maturity of five years at par. The discounted rate of marketing is 10%. What would be the bond value

  Discuss what is the current stock value

the company will maintain a constant 5% dividend growth rate forever. If the required return on the stock is 11%, what is the current stock value

  Bottled water company comprehensive master budget

In the following pages, you are given basic information for the operating budgets including the sales budget, the production budget, the direct materials purchases budget, the direct labor budget, the overhead budget, the selling and administrativ..

  Journal entry to record the purchase of truck

Garcia Corporation purchased a truck by issuing an $80,000, 4years, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck.

  Valuing the cost of long-term assets

US GAAP follows the Historical Cost Concept in valuing the cost of long-term assets. Explain this principle and how it compares to the standards used in the reporting of long-term assets under International Financial Reporting Standards (IFRS).

  Prepare the journal entry for the purchase of the equipment

On January1, 2014, A company purchased equipment from B Company for $100,000. Prepare the journal entry for the purchase of the equipment

  Bosco company adopted the dollar value lifo retail method

Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2011. Information for 2011 and 2012 is as follows, with certain data intentionally omitted:

  Target contribution margin-amount of actual sales

Contribution margin to sales ratio is 84% for the ABC Co. and the breakeven point in sales is Rs. 150,000. The company desires a target net income of Rs. 42,000.

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