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mote1985 [20]
3 years ago
15

Gottschalk Company sponsors a defined benefit plan for its 100 employees. On January 1, 2020, the company's actuary provided the

following information. Accumulated other comprehensive loss (PSC) $150,000 Pension plan assets (fair value and market-related asset value) 200,000 Accumulated benefit obligation 260,000 Projected benefit obligation 380,000 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the
Business
1 answer:
Amiraneli [1.4K]3 years ago
3 0

Answer:

Pension expenses = $85,000

Explanation:

Missing word: <em>"the plan. On December 31, 2017, the actuary calculated that the present value of future benefits earned for employee services rendered in the current year amounted to $52,000: the projected benefit obligation was $490,000; fair value of pension assets was $276,000: the accumulated benefit obligation amounted to $365,000. The expected return on plan assets and the discount rate on the projected benefit obligation were both 10%. The actual return on plan assets is $11.000. The company's current year's contribution to the pension plan amounted to $65,000. No benefits were paid during the year. Instructions Determine the components of pension expense that the company would recognize in 2017. (With only one year involved, you need not prepare a worksheet.)"</em>

<em />

Particulars                                                                Amount

Service cost                                                             $52,000

Interest on projected benefit obligation at 10%    $38,000 (380,000*10%)

Actual return on plan asset                                    ($11,000)

Unexpected loss                                                     ($9,000)

Amortization of gain or loss                                          -

Amortization of prior service cost                           <u>$15,000</u>

Pension Expenses                                                    <u>$85,000</u>

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Suppose that an economy consists of only two individuals. Jeremy has $1690 available to spend on goods. He decides to purchase $
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The journal entry for recording payment for the short-term lease of a fixed asset would?
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2)No

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Central, Inc., is a manufacturer of granite paints. Sales are seasonal due to the seasonality in the home-building industry. The
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The monthly sales rate made from granite paints in Central incorporations is:

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Q2= April, May & June

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Q1= 1200 gallons

Q2= 800 gallons

The monthly sales rate of is calculated by dividing the quarterly rate by 3

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<h3>What is sales forecasting?</h3>

Sales forecasting can simply be defined as the process of estimating the future revenue by predicting the amount of goods, products or services a sales unit will sell in the next week, month, quarter, or year.

Therefore, the monthly sales rate made from granite paints in Central incorporations is:

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