Reference no: EM132973188
Hi-Flie-Ing Corporation offers a defined benefit pension plan to all its eligible employees. The company uses the December 31 year end and uses IFRS to prepare its financial statements. It has reported a credit balance of $1,380,000 as at December 31, 2018 for its Net Defined Benefit Liability/Asset Account. The plan is underfunded by 20% of its Defined Benefit Obligation. The company also recorded, during 2019, $200,000 as Past Service Costs which were assumed to have accrued on January 1, 2019.
Problem 1: Each year, the company makes a contribution to the plan at the end of the year. For 2019, this contribution amounted to 30% of the deficit in funding reported at the end of 2018. The entry reflected in the employer's books of accounts should show
a. DEBIT-Accrued Pension Asset/Liability [$414,000]; CREDIT-Cash [$414,000].
b. DEBIT-Accrued Pension Asset/Liability [$474,000]; CREDIT-Cash [$474,000].
c. DEBIT-Pension Expenses [$414,000]; CREDIT-Cash [$414,000].
d. DEBIT-Pension Expenses [$474,000]; CREDIT-Cash [$474,000].
e. DEBIT-Contribution Surplus [$414,000]; CREDIT-Cash [$414,000].
|
What after tax net income or loss is reported
: If Hopper elects to use both the carryback and the carryforward provisions, what after tax net income (loss) is reported for 2020?
|
|
Define the internal environment of an organization
: Define the internal environment of an organization, and describe its four major elements What is organizational culture? Discuss the importance, determinants, a
|
|
Find what the total income tax expense to be reported
: Find what the total income tax expense to be reported on the income statement is? At the end of 2020, its first year of operations, Ontario Corp.
|
|
Find product defect at the center of the case
: According to the Plaintiffs (Schwarck), what was the product defect at the center of the case?
|
|
Find what the entry reflected in the employer books
: Find what the entry reflected in the employer's books of accounts should show? Hi-Flie-Ing Corporation offers a defined benefit pension plan to all its eligible
|
|
Important strategy to foster within an organization
: Why is employee engagement an important strategy to foster within an organization? What experience have you had or what examples have you seen or heard
|
|
Journalize the entries for march and may
: On May 22, 8,000 shares of $50 par preferred stock were issued at $80. Journalize the entries for March 15 and May 22
|
|
Calculate the selling price of thai produced cooking pots
: The Canadian retailer has a profit margin of 150%. Calculate the selling price of the Thai produced cooking pots that the Canadian retailer will charge
|
|
What are zondo npv and pi
: Project Zondo requires an initial outlay of $45,000 and results in a single cash inflow of $66,367.50 after five years. What are Zondo NPV and PI
|