User Account

All Pages

Prepare continuity schedule for defined benefit obligation

Assignment Help Accounting Basics
Reference no: EM132573931

Question - Corporation is a privately owned company that uses ASPE. On January 1, 2020 Blue's financial records indicated the following information related to the company's defined benefit pension plan:

Defined Benefit Obligation $1,370,000

Pension Plan Assets 1,520,000

Corporation's actuary provided the following information on December 31, 2020:

Current year service cost $86,000

Prior service cost, granted Jan 1, 2020, 177,000

Employer contributions for the year 91,000

Benefits paid to retirees 27,000

Expected return on asset 5%

Actual return on assets 6%

Discount rate 5%

Required -

1. Prepare continuity schedule for defined benefit obligation for 2020.

2. Prepare continuity schedule for plan asset for 2020.

3. Prepare pension related entries made by blue Corporation for 2020.

4. Compare the plan's surplus or deficit at December 31, 2020, with the amount reported on the December 31, 2020 balance sheet.

Reference no: EM132573931

Questions Cloud

Determine the total urchases and sales : The amount recovered was valued at $25,000. Given that goods are marked up at 25%, Determine the total urchases and sales
Globalized economy and the internet : You are the CEO of a historically successful company. However, due to the globalized economy and the Internet, many competitors have successfully entered
Determine the ending balance that Sage Co should report : Determine the ending balance that Sage Co. should report as its investment in John Corp. at the end of 2021
Nursing home in the areas of employee performance : Develop 10 key performance indicators for a nursing home in the areas of employee performance, operational efficiency and psychological well-being of residents
Prepare continuity schedule for defined benefit obligation : Corporation is a privately owned company that uses ASPE. Prepare continuity schedule for defined benefit obligation for 2020
Mechanics of both primary and secondary markets : Share how you would describe the overall purpose and mechanics of both primary and secondary markets.
Prepare operating activities section of cash flow statement : Income tax payable decreased by $6,500 during the year. Prepare the operating activities section of the cash flow statement using the direct method
What is strategic management : What is strategic management, and why is it important? Be specific. Try avoiding to provide definitions from textbooks and the Internet.
Determine cash flows from financing activities : Paid $125,000 cash to settle a note payable at its $125,000 maturity value. Use the above information to determine cash flows from financing activities

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the required return

What is the required return using the capital asset pricing model if a stock's beta is 1.2 and the individual, who expects the market to rise by 11.2%

  Learning experience and application of knowledge

Assume you have the power to make reforms to the way tax research and planning is currently conducted. Propose the reforms you would make. Justify your response.

  Make a budgeted income statement for the quarter ended

Please help me make a budgeted income statement for the quarter ended March 31. Please help me make a budgeted balance sheet as of March 31

  Discuss the result of these transfers

William transfers a building and land worth $525,000 (basis of $200,000) for 50% of Orange's stock and $25,000 cash. Discuss the result of these transfers

  Calculate the number of sweatshirts henry hoodies

Calculate the number of sweatshirts Henry's Hoodies must sell to break even. Round your answer to the nearest whole number.

  How many units of product buzz would need to be sold

If Baldwin decides to absorb the cost and not pass any on to its customers in the form of raised prices how many units of product Buzz would need to be sold

  Identify organization that victim of asset misappropriation

For this assignment, use the Internet or Strayer databases to research and identify an organization that was a victim of asset misappropriation

  Take a look at the financial statements what is your

1. find the discussion of depreciation methods in the notes section in your 10-k. what methods are used? discuss why

  Compute the sales level in number of soccer balls

In October 2014, Saldanha Sports Company sold soccer balls to its distributors for $18 each. Compute the sales level in number of soccer balls

  Total purchase price for asset

In addition, the partnership purchased all of the assets of Granny Newcombs, Inc. Of the total purchase price for these assets, $60,000 was allocated to the trade name and logo.

  Calculate correct ending inventory balance

Inventory items with a cost of $2,080 were included in ending inventory. These goods were on consignment to Wright Company. Calculate correct ending inventory

  Measures the success of a company operations

According to the textbook, the income statement measures the success of a company's operations for a given period. The income statement is important to investors and creditors, because it determines the profitability, investment value, and creditw..

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