Prepare pension worksheet-journal entries

Assignment Help Accounting Basics
Reference no: EM1356011

(Pension Worksheet with reconciliation Schedule)

Buhl Corp. sponsors a defined benefit plan for its employees. On January 1, 2008, the following balances relate to his plan:

Plan assets $480,000

Project benefit obligation 625

Prepaid/accrued pension cost(credit) 45,000

Unrecognized prior service cost 100,000

As a result of the operation of the plan during 2008, the following additional data are provided by the actuary.

1) Service cost $90,000

2) Settlement rate 9%

3) Actual return on plan assets in 2008 57,000

4) Amortization of prior service cost 19,000

5) Expected return on plan asset 52,000

6) Unexpected loss from change in projected benefit 76,000 obligation, due to change in actual predictions

7) Contributions in 2005 99,000

8) Benefits paid retirees in 2008 85,000


a) Using the data above, compute pension expense for Buhl Corp. for the year 2008 by preparing a pension workheet that shows the journal entry for pension expense and the year-end balances related pension account.

b) At December 31, 2008, prepare a schedule reconciling the funded status of the plan with pension amount reported on the balance sheet.

Reference no: EM1356011

Previous Q& A

  Describe alternate paths or actions in bank-s account

Describe alternate paths or actions that could have been taken, and why those alternate actions would have been ethical or not.

  Description of international economics

What other real-world examples of changes in "consumer's tastes" do you have to share? How have these changes affected (increased or decreased) demand?

  Estimation of external financing needed

Take the firm's most recent financial statements and project a 10 percent increase in sales. Estimate whether, and how much, external financing would be needed to support the projected increase in sales

  Diagnosis for psychopaths or sociopaths

Please look up the diagnosis for psychopaths/sociopaths and compare them to the diagnosis for depression and state the similarities and differences.

  Question about international aspects of financial management

The interest rate on a risk-free asset in the U.K. is 4.6 percent. If interest parity exists, what is the 1 year risk-free rate in the U.S.?

  Which country would treasurer want to invest company funds

Which country would treasurer want to invest company funds - which country would the treasurer want to invest the company's funds?

  Explain authentication and authorization

Explain authentication and authorization. Which depends on the other? How and why are these processes more complex in a modern networked organization.

  Diagnostic and statistical manual of mental disorders

Define the major Diagnostic and Statistical Manual of Mental Disorders and what categories of anxiety mood/affective and dissociative/somatoform disorders.

  Accounting cycle-sample financial statements

Collect the 4 main financial statements from credible sources (newspaper, peer-reviewed journals, investor relations, web sites or annual reports. Create a flow chart that illustrates the steps in the accounting cycle.

  The global economic crisis

Discuss how customers can influence the products and services provided by companies and identify ways that a company can make marketing every employee's responsibility.


Write a Review


Similar Q& A

  Determine the amount of overhead

Compute the predetermined overhead rate. Compute the overhead applied. Find out the amount of overhead that is over or under applied.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Discuss the below quotation

BUACC2606 Financial Accounting,  Discuss the above quotation, particularly as it applies to non-current assets. Do you consider Chamber's assertion is justified?

  Loss-gain contingencies

Generally accepted accounting principles (GAAP) require loss contingencies to be accrued in the period the contingency becomes known. However, GAAP specifically disallows booking gain contingencies until the gain is realized.

  How would we determine the cost of normal spoilage

How would we find out the cost of normal spoilage so that we can record it in general ledger? How would we fin out the cost of normal spoilage so that we can record it in general ledger

  Compute the total amount of dividends

Compute the total amount of dividends that was paid to each class of stock, b) Compute the amount of dividends per share for each class of stock.

  Differences between accounting and taxable income

At December 31, 2012, Vermont Industries reported three temporary differences between accounting and taxable income:

  Determining accounting and gaap

Discuss what is Accounting and why is it important? Be sure to include the different types of users of Accounting and their need for accounting.

  Analyzing revenue recognition methods

Describe different revenue recognition methods under GAAP and IFRS. Define ADR firms.

  Aicpa code of professional conduct does work

In light of the business scandals of the last few years, does the AICPA's Code of Professional Conduct work? What is the area of greatest concern?

  Iasb fasb convergence issues

Describe how influential you believe the IASB is over FASB. Describe whether or not you support the U.S. adopting International Financial Reporting Standards for publicly traded companies.

  Finding total applied overhead

Crown Industries has the following information about its standards and production activity for December-Assume the allocation base for fixed overhead costs is the number of units to be produced.

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