Compute the actual return on plan assets for the year

Assignment Help Accounting Basics
Reference no: EM13884784

Question-

The following information relates to the pension plan for the employees of Turner Co.: Turner estimates that the average remaining service life is 16 years. Turner's contribution was $378,000 in 2013 and benefits paid were $282,000.

 

1/1/12

1/1/13

1/1/14

Projected benefit obligation

2,790,000

2,988,000

4,002,000

Fair value of plan assets

2,550,000

3,120,000

3,444,000

AOCI- net (gain) or loss

-0-

(432,000) 

(480,000)

Settlement rate (for year)

 

11%

11%

Expected rate of return (for year)

8%

7%

 


Turner estimates that the average remaining service life is 16 years. Turner's contribution was $378,000 in 2013 and benefits paid were $282,000.

The actual return on plan assets in 2013 is

a. $204,000.

b. $228,000.

c. $294,000.

d. $324,000.

Additional information-

This problem relates to Basics Accounting and explanation the calculation of the actual return on plan assets for the year.

Reference no: EM13884784

Questions Cloud

Summarize in point form the section collage city : Summarize in point form the section "Collage City" by "Colin Rowe" and "Fred Koetter" in the book "Theorizing A New Agenda For Architecture" by Kate Nezbit in 500 words.
What range of gauge pressure do the whales withstand : Part A-What range of gauge pressure (in Pa) do the whales withstand at these depths? Part B- What range of gauge pressure (in atm) do the whales withstand at these depths?
Write about a construction such as a single building : Write about a construction such as a single building or a public gathering place or a recreational place keeping in mind the idea of reducing fossil fuel consumption and to reduce the carbon footprint of the building.
Compute the actual return on plan assets for the year : Turner estimates that the average remaining service life is 16 years. Turner's contribution was $378,000 in 2013 and benefits paid were $282,000. The actual return on plan assets in 2013 is
Construct a real-size building : Imagine you have been given a contract by the university to construct a real-size building. The university has requested you conduct a life-cycle assessment of the building to ensure sustainable and economically efficient use of materials.
How much does worker b weigh in given question : A young work crew is trying to quickly finish some touch-up painting to complete a job.Rather than setting up a secure work area, they decide to try a shortcut .
Mixture to bring about the desired quality : To be satisfactory quality the ratio of 'A' to 'B' in the mixture must be 100 to 1or higher. 'D' reacts with both 'A' and 'B' as follows;A + D?R-rA= 21 CACDB + D?S-rB= 147 CBCDAssuming that the reaction go to completion, how much 'D' need be added..
On-the-job experience typically enhances : On-the-job experience typically enhances a person's productivity in that particular job. If the person's salary increases to reflect increased experience but the additional experience has no relevance for other jobs

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are the similarities and differences in these two goals

a finance professor and a marketing professor were recently comparing notes on their perceptions of corporations. The finance professor claimed that the goal of corporation should be to maximize the valur to the shareholders. The marketing profess..

  Expense under straight-line depreciation

If a fixed asset, such as a computer, were purchased on January 1st for $1,950 with an estimated life of 3 years and a salvage or residual value of $150, the journal entry for monthly expense under straight-line depreciation is:

  Potential unfiled lawsuits

In the case of loss contingencies, accrual can be made even if the exact payee and payment date are not known. Losses may be accrued for unasserted claims and other potential unfiled lawsuits.

  The basic accountingprincipleconcept according to which

1. a business event which canbe measured in terms of money and must be recorded in books of accounts iscalleda.

  Loss of existing tax benefits

Could Monica have spent more time than she didvacationing on the trip without loss of existing tax benefits? Explain.

  Flexible budgets-2012 article review

Perform an Internet search using the term, flexible budgets, and locate an article (from 2012) from the results of your search.

  Costs allocated to ending inventories

Determine the predetermined overhead rate. Compute the total cost of the two ending inventories. Compute cost of goods sold for the year (assume no beginning inventories and no underapplied or overapplied overhead).

  Varilux manufactures a single product and sells it for 10

absorption vs. variable costingvarilux manufactures a single product and sells it for 10 per unit. at the beginning of

  What is tax research

What is tax research? What is the purpose of conducting tax research? Are results of tax research conclusive? Explain your response

  How do products costs affect the financial statements how

how do products costs affect the financial statements? how does the classification of product cost as an asset vs. an

  What is the appropriate accounting treatment for the value

what is the appropriate accounting treatment for the value assigned to in-process research and development acquired in

  Determining project regular payback

Haig Aircraft is considering a project that has an up-front cost paid today at t = 0. The project will generate positive cash flows of $60,000 a year at the end of each of the next five years.

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