Business, 05.05.2020 08:32 EvankzGao

The following facts apply to the pension plan of Culver Inc. for the year 2017. Plan assets, January 1, 2017 $495,100 Projected benefit obligation, January 1, 2017 495,100 Settlement rate 8 % Service cost 43,700 Contributions (funding) 26,600 Actual and expected return on plan assets 52,100 Benefits paid to retirees 36,500 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2017 and the year-end balances in the related pension accounts. (Enter all amounts as positive.)

Answers: 3

Show answers

Answers

Answer from: ndunn692

Answer and Explanation:

The preparation of pension worksheet is shown below:-

General Journal entries

Particulars Annual pension Cash Pension Assets/

expenses Liabilities

Service cost $43,700 Dr.

Interest cost $39,608 Dr.

(495,100 × 8%)

Actual return $52,100 Cr.

Contributions $26,600 Cr.

Journal Entry 31 Dec $31,208 Dr. $26,600 Cr. $4,608 Cr.

Balance 31 Dec 217 $4,608 Cr.

Memo record

Projected benefit obligation Plant assets

Balance Jan 1 2017 $495,100 Cr. $495,100 Dr.

Service cost $43,700 Cr.

Interest cost $39,608 Cr.

(495,100 × 8%)

Actual return $52,100 Dr.

Contributions $26,600 Dr.

Benefits $36,500 Dr. $36,500 Cr.

Balance 31 Dec 217 $541,908 Cr. $537,300 Dr.

Answer from: Quest

the answer choices are:

provides online banking

provides automatic payment services

provides home loans by using saving accounts

accept tax return refunds

hopefully someone can answer the question now lol

Answer from: Quest

To be honest, here's what i think. i think the answer is (and i'm not exactly sure), that it is, both personal and household income.

Another question on Business

Business, 21.06.2019 14:30

List at least two policies or procedures your company can use to protect the health and safety of employees

Answers: 1

Answer

Business, 21.06.2019 14:40

Jansen company borrowed $12,000 on a 1-year, 5 percent note payable from the local bank on april 1. interest was paid quarterly, and the note was repaid one year from the time the money was borrowed. calculate the amount of cash payments jansen was required to make in each of the two calendar years that were affected by the note payable.

Answers: 2

Answer

Business, 22.06.2019 06:50

On january 1, vermont corporation had 40,000 shares of $10 par value common stock issued and outstanding. all 40,000 shares has been issued in a prior period at $20.00 per share. on february 1, vermont purchased 3,750 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on march 1. the journal entry to record the purchase of the treasury shares on february 1 would include a credit to treasury stock for $90,000 debit to treasury stock for $90,000 credit to a gain account for $112,500 debit to a loss account for $112,500

Answers: 3

Answer

Business, 22.06.2019 14:30

Bridge building company estimates that it will incur $1,200,000 in overhead costs for the year. additionally, the company estimates 50,000 direct labor hours will be spent building custom walking bridges for the year at a total direct labor cost of $600,000. what is the predetermined overhead rate for bridge building company if direct labor costs are to be used as an allocation base?

Answers: 3

Answer

You know the right answer?

The following facts apply to the pension plan of Culver Inc. for the year 2017. Plan assets, January...

Questions