Prepare a pension worksheet for 2011

Assignment Help Accounting Basics
Reference no: EM131109876

1. Pension Worksheet) The following data relate to the operation of Kramer Co.'s pension plan in 2011. The pension worksheet for 2010 is provided in P20-10.

Service cost $59,000
Actual return on plan assets 32,000
Amortization of prior service cost 28,000
Annual contributions 51,000
Benefits paid retirees 27,000
Average service life of all employees 25 years

For 2011, Kramer will use the same assumptions as 2010 for the expected rate of returns on plan assets.
The settlement rate for 2011 is 10%.

Instructions:

(a) Prepare a pension worksheet for 2011 and accompanying computations and amortization of the loss, if any, in 2011 using the corridor approach.

(b) Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31.

(c) Indicate the pension amounts reported in the financial statements.

Reference no: EM131109876

Questions Cloud

Discuss which law would be breached : Discuss which law/s would be breached if you act as SG suggests and whether a business can gain permission to act in this way. In your answer you must refer to why this activity is considered illegal and whether the law is an appropriate tool for ..
What specialists are needed to create your game : Create a development plan for the game you described in Exercise 1. What specialists are needed to create your game? What work will each of them need to do? How will your development team be organized?
What will happen to the interest rate in the long run : Suppose that the money marcket in Westlandia is initially in equilibrium and the central bank decides to decrease the money supply. Using a diagram, explain what will happen to the interest rate in the short run? What will happen to the interest rate..
Cash ?ow and economic pro?t forecasts for apparelco : 1. Exhibit 10.13 presents free cash ?ow and economic pro?t forecasts for ApparelCo, a $250 million company that produces men's clothing. ApparelCo is expected to grow revenues, operating pro?ts, and free cash ?ow at 6 percent per year inde?nitely.
Prepare a pension worksheet for 2011 : Prepare a pension worksheet for 2011 and accompanying computations and amortization of the loss, if any, in 2011 using the corridor approach.
Provide background information on the chosen organization : Provide background information on the chosen organization. Description of the diverse literature available on varied research methods.
Periodic review system : Periodic Review System. The hospital gift shop orders get well cards and uses a weekly periodic inventory system to maintain the inventory. Below is the number of cards sold for the last 5 weeks. Week of 3/6/16 3/13/16 3/20/16 3/27/16 4/3/16 Units So..
Is restrictive covenant valid and enforceable against val : In 2000, Wife purchased Blackacre, a commercial building. In 2002, Wife married Husband, and thereafter Husband managed Blackacre by collecting rents, What liability, if any, does Tenant have for rent and the repairs? Is the restrictive covenant va..
What are your impressions of the modern man : Identify three symbols in the readings from this week and discuss what you think those symbols mean in the context of the story or poem in which they are found.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Osha and apwa safety colors chart

According to the OSHA and APWA Safety Colors chart, which of the following is a correct match?

  General journal entries to record the transactions

The Connecting company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transaction occurred: Prepare the general journal entries to record these transactions.

  Some time ago julie purchased eleven acres of land costing

some time ago julie purchased eleven acres of land costing 14090. today that land is valued at 33909. how long has she

  Recording journal entries of investments

Prepare journal entries for investments using the fair value and the equity method. How does it relate to the practice of accounting and its uses in business?

  Discuss the rationale behind transportation or assignment

discuss the rationale behind transportation or assignment problems choose one in terms of their business applications.

  On december 31 2010 lopez co lessee signed a 3-year

on december 31 2010 lopez co lessee signed a 3-year non-cancelable lease for the use of manufacturing equipment now

  An investor bought a stock this morning for 50 and plans to

an investor bought a stock this morning for 50 and plans to sell the stock one year from today. the investor believes

  Food services are used by employees in the human resources

1. human rescources hires employees and manages benefits2. duplication performs copy services3. janitorial provides

  Foxgloves budgeted cash disbursements related to

foxglove company a growing retailer is preparing its budget for the first half of the year assuming the following sales

  Trumpet company produced 8600 units of product that

trumpet company produced 8600 units of product that required 3.25 standard hours per unit. the standard variable

  Suppose that the company received a special order for 3000

lindsey smith inc. has the following cost structure for the upcoming year. sales 20000 units 25 500000 manufacturing

  Concerned with the personal development of others

Shirley works in the human resource department at Turtle Shells, Inc. She believes she is seeing an increase in drinking problems among the workforce. She thinks she needs to investigate further. She is at what stage of the managerial decision mak..

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd