Prepare the journal entries to record pension expense

Assignment Help Accounting Basics
Reference no: EM13847384

Pension data for Sam Adams Inc. include the following for the current calendar year: Discount rate, 8% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, $400,000.

January 1:

PBO                                                             3,000,000

ABO                                                             2,000,000

Plan assets                                                   3,200,000

Amortization of prior service cost                 30,000

Amortization of net gain                               7,000

December 31:

Cash contributions to pension fund              $275,000

Benefit payments to retirees                         310,000

Required: 1) Determine pension expense for the year. 2) Prepare the journal entries to record pension expense and funding for the year.

Reference no: EM13847384

Questions Cloud

Adult males are taller, on average : Adult males are taller, on average, than adult females. Visiting two recent American Youth Soccer Organization (AYSO) under-12-years-old (U12) soccer matches on a Saturday, you do not observe an obvious difference in the height of boys and girls of t..
Determine the best means of data acquisition : Determine the best means of data acquisition to research qualities desired by your target market. Assume primary data collection is necessary. Supply a sample survey.
How big are the transistors in the nand-based flash : Read the ComputerWorld article " Micron shrinks NAND 28% in upcoming flash drives" (http://www.computerworld.com/article/2931557/data-storage-solutions/micron-shrinks-nand-28-in-upcoming-flash-drives.html) and answer the following questions: How b..
Representations of sign and magnitude : 1 Give the data representation of each of the following integers assuming 16 bits and each of the representations of sign and magnitude, one's complement, and two's complement. The answers must be expressed in hexadecimal. a. 5159c. -11111
Prepare the journal entries to record pension expense : 1) Determine pension expense for the year. 2) Prepare the journal entries to record pension expense and funding for the year.
Research and pick one organization : Research and Pick ONE organization that can you conduct a risk assessment on. It can be any organization or company of choice. For the case study, you are pretty much creating your risk assessment report.  Case Study 1 is the first section of that re..
Recruitment of females and veterans of the u.s. military : Recruitment of Females and Veterans of the U.S. Military
Eexploring and getting familiar with the website : 1. (4pts) Go to the website www.w3schools.com and spend about 20 to 30 minutes looking around, exploring and getting familiar with the website.  From this exploration answer the following questions, from your perspective:
Look up the programming design/troubleshooting tool : You will have to look this up on the web.  I recommend use the following key words: Desk check Programing

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the concentration of nacl in the original

What is the concentration of NaCl in the original 1.00 L solution?

  Youre a marketing manager interviewing for a new job at

youre a marketing manager interviewing for a new job at several different firms simultaneously. you expect to be asked

  Deviance in public accounting firms

How has public criticism of the Public Accounting Profession contributed to workplace deviance? What solution are there to decrease deviance in public accounting firms? At least 150 words, thanks for your help in this matter.

  A five-year project has an initial fixed asset invstment of

a five-year project has an initial fixed asset invstment of 270000 an initial nwc investment of 25000 and an annual ocf

  What are the tax consequences to form a partnership rather

what are the tax consequences to form a partnership rather than a corporation if individual form a company to transfer

  Brooks corp is a medium-sized corporation specializing in

brooks corp. is a medium-sized corporation specializing in quarrying stone for building construction. the company has

  Amout included in the gross estate

Assume Mr. Cobb died after Mrs. Cobb and the land was worth $240,000 at this death. What amout was included in his gross estate?

  A company reported sales of 100000 cost of goods sold of

a company reported sales of 100000 cost of goods sold of 60000 selling general and administrative expenses of 15000 and

  For each of these five separate cases identify the

for each of these five separate cases identify the principless of control that is violated.recommend what the business

  Prepare a revenue budget for saunders home health agency

prepare a revenue budget for saunders home health agency. blue cross members can only be charged 60 for a nurse visit

  Explain why the circuit department has an incentive

Jackson Sound produces amplifiers and mixing boards in a modern production facility. The company is well known for its quality products -each item is thoroughly tested before it leaves the plant.

  Key success factors and risks for ups

What are the key success factors and risks for UPS given its business strategy? How is UPS performing? What factors are driving this performance? Is the current performance likely to be sustained? Why or why not?

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