Purpose a pension worksheet for the pension plan

Assignment Help Financial Accounting

Reference no: EM134169

Question :

On 1^st January, 2013, Laura's Living Company has the subsequent defined benefit pension plan balances.

Projected benefit obligation $5,700,000

Fair value of plan assets 7,200,000

The interest (settlement) rate applicable to the plan is 10 percent. On 1^st January, 2014, the company amends its pension agreement so that service costs of $350,000 are created. Other data related to the pension plan are as given.

2013 2014

Service costs $150,000 $165,000

Prior service costs amortization $0 $63,000

Contributions (funding) to the plan $168,000 $194,000

Benefits paid $190,000 $220,000

Actual return on plan assets $576,000 $498,000

Expected rate of return on assets 8% 7%

Required:

(a) Purpose a pension worksheet for the pension plan for 2013 and 2014.

Reference no: EM134169

Questions Cloud

Evaluate the overhead rate for each cost driver : Evaluate the overhead rate for each cost driver

Effect of accrued interest on financial statements : Evaluate interest expense would be reported on the 2012 income statement? Determine total liabilities would be reported on the 31 st December, 2012, balance sheet?

Prepare the transaction data in accounts : Prepare the transaction data in accounts under an accounting equation. Purpose an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flow for 2012 and 2013.

Evaluate the number of pounds of material : Evaluate the number of pounds of material A the company must purchase during the year.

Purpose a pension worksheet for the pension plan : Purpose a pension worksheet for the pension plan for 2013 and 2014.

Determine interest expense on the 2012 income statement : Evaluate net cash flow from operating activities would be reported on the 2012 cash flow statement? Determine interest expense would be reported on the 2012 income statement?

Evaluate the regional managers ethical responsibility : Evaluate the regional manager's ethical responsibility in this scenario? Describe and support your position with evidence from the text.

What are the equivalent units for conversion : What are the equivalent units for conversion and material using the weighted average technique?

Determine the following amount of materials price variance : Determine the following amount of materials price variance to be prorated to complete goods inventory at Dec. 31

User Account

All Pages