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netineya [11]
3 years ago
11

At January 1, 2020, Windsor Company had plan assets of $303,000 and a projected benefit obligation of the same amount. During 20

20, service cost was $27,100, the settlement rate was 10%, actual and expected return on plan assets were $25,700, contributions were $20,000, and benefits paid were $17,700. Prepare a pension worksheet for Windsor Company for 2020.

Business
1 answer:
Arte-miy333 [17]3 years ago
4 0

Answer:

The answer is well illustrated as below

Explanation:

Remember: Five factors affects the Pension Liability and Plan assets.

1 & 2. Expenses which includes service cost and interest cost

The increase in expense always increases the pension liability so the entry would be:

Dr Service cost  $27,100

Dr Interest Cost $30,300 ...... $303,000 Opening Pension Liability * 10%

Cr Pension Liability        $57,400

3. Actual return increases the Plan Asset

The Actual return on investment received would increase the Assets worth, which means the journal entry must be passed which would increase the Investment Value (Plan Asset). So the entry would be:

Dr Plan Asset $25,700

Cr Actual return $25,700

4. Contributions made increases the Plan Asset because it is an increase in the investment.

So the journal entry would be:

Dr Plan Asset $20,000

Cr Cash Asset        $20,000

5. The benefits paid to employees are decrease in both pension asset and the pension liability. (We had actually borrowed money from the employees and had invested that money so paying off the benefits actually decreases the pension liability and assets).

So the double entry would be:

Dr Pension Liability $17,700

Cr            Pension Assets $17,700

Kindly input the above values in the following worksheet:

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3 years ago
When Jack takes a class, he saves all his work for that class with the name of the course. What is most likely happening to his
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He has lost the previous files as he has been replacing them.

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8 0
3 years ago
Carney Company manufactures cappuccino makers. For the first eight months of 2019, the company reported the following operating
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Answer:

Total  effect on income= $190,000

Explanation:

Giving the following information:

Sales (500,000 units) $90,000,000

Cost of goods sold 54,000,000

Gross profit 36,000,000

Operating expenses 24,000,000

Net income $12,000,000

An analysis of costs and expenses reveals that the variable cost of goods sold is $95 per unit and variable operating expenses are $35 per unit. In September, Carney Company receives a special order for 40,000 machines at $135 each from a major coffee shop franchise. Acceptance of the order would result in $10,000 of shipping costs but no increase in fixed expenses

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2 years ago
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Answer:

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Marginal cost (MC) is the cost of producing an extra unit of output while Average variable cost (AVC) is the cost per unit of output produced.

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When MC is above AVC, MC is pushing the average up; therefore when MC is rising, AVC is rising.

The conclusion is that MC and AVC have a direct relationship and a rise in one will cause a rise in the other , therefore when the marginal cost​ (MC) of production is increasing, the average variable cost​ (AVC) is increasing.

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The scatter chart indicates that there is a positive linear relationship between profits and market capitalization.

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