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Ortiz Motors sponsors a defined-benefit pension plan for its employees. On January 1, 2013, the company's records showed the following account balances relevant to this plan:Plan Assets (market-related value) $450,000Projected Benefit Obligation $600,000Prior Service Cost - AOCI $ 75,000Net Loss - AOCI $ 65,000
As a result of the operation of the plan during 2013, the actuary provided the following additional data:
Service cost for 2013 $ 75,000Actual return on plan assets in 2013 $ 45,000Amortization of prior service cost in 2013 $ 20,000Contributions to the pension fund in 2013 $115,000Benefits paid to retirees in 2013 $ 70,000Actuary's discount rate 7%Expected rate of return 8%Average remaining service life of active employees 10 years
1. Calculate pension expense for 20132. What is the amount of PBO at the end of 2013?3. What is the amount of Plan Assets at the end of 2013?4. Prepare the journal entry for pension expense for 2013.
PVA ∞ = A(1 + k) -1 + A(1 + k) -2 +..... + A(1 + k ) ∞ + 1 + A (1 + k) ∞ Multiplying both the sides of Eq (a7) by (1+k) provides: PVA ∞ = (1 +k) = A(1 +k) +A (1 +k)
what is cum interest
SYSTEM ONE-THE HEAD OFFICE MAINTAINS ALL THE ACCOUNTS This system is suitable for an enterprise that has small branches (possibly in another area of the town or city where the
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Part I: Wal-Mart Stores Inc.'s income statement and balance sheet are attached. Gather relevant information from the financial statements to calculate the financial ratios, and co
Q. Written inquiries for financial information? Inquiry - A procedure which comprises seeking information both financial and non-financial, of knowledgeable persons throughout
1. Jepsen Corp had the following transactions relating to shares of stock: • Issued 1,000 shares • Purchased 100 shares • Re-issued 50 shares • Declared and distributed a 2-1 stock
Beginning balance 24,000 cash Sales 250,000 Gross profit 45% of sales Accounts receivable increase by 24,000 Accounts payable increased by 51,000 Inventory increased by 98,000 Sell
WACC and gearing There are two major theories linking a company's WACC and its gearing ratio. (i) The usual theory of gearing proposes a "U" shaped WACC curve. Cost of c
Company X is presumably doing well. The corporation's balance sheet last September 31 can be summarized as follows: Total Assets
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