subject
Business, 06.04.2021 05:20 tilsendt

Sabrina Consultants Inc. has had a defined benefit pension plan since January 1, 2016. The following represents beginning balances as at January 1, 2019: Market value of Plan Asset $1,155,300; Defined Benefit Obligation $1,375,000; AOCI: Loss of $305,000 Additional Information is as follows: Current Service cost is $196,000 for 2019 and $199,000 for 2020. Company Funding/Contribution is $192,000 for 2019 and $205,000 for 2020. Funding is made on December 31 of each year. Actual return on assets is $49,600 for 2019 and $51,400 for 2020. There is an increase in obligation for $28,000 due to changes in Actuarial assumptions at Dec 31, 2019. There are payments made equal to $83,000 per year to retired employees in both 2019 and 2020 (payments to retirees are made at the end of the year on December 31). Past service cost of $65,600 from plan amendment dated December 31, 2020: liability is increased because benefits were increased on a retroactive basis. For 2019, the assumed interest rate is 4%. For 2020, the assumed interest rate is 5%. Required: 1. Prepare a spreadsheet to determine all the pension items for both 2019 and 2020. 2. Prepare the required journal entries for both 2019 and 2020. 3. Prepare a partial balance sheet and a partial income statement for both 2019 and 2020. 4. Prepare the Pension Notes to the financial statements for 2019 only.

ansver
Answers: 1

Another question on Business

question
Business, 22.06.2019 07:30
Which of the following best describes why you need to establish goals for your program?
Answers: 3
question
Business, 22.06.2019 18:30
What historical context does wiesel convey using the allusion of a fiery sky? he compares the sky to hell. the fires from air raids during world war ii the cremation of jews in the concentration camps the outbreak of forest fires from bombs in world war ii
Answers: 1
question
Business, 22.06.2019 19:40
Chang corp. has $375,000 of assets, and it uses only common equity capital (zero debt). its sales for the last year were $595,000, and its net income was $25,000. stockholders recently voted in a new management team that has promised to lower costs and get the return on equity up to 15.0%. what profit margin would the firm need in order to achieve the 15% roe, holding everything else constant? a. 9.45%b. 9.93%c. 10.42%d. 10.94%e. 11.49%
Answers: 2
question
Business, 22.06.2019 20:20
Which statement is not true about a peptide bond? which statement is not true about a peptide bond? the peptide bond has partial double-bond character. the carbonyl oxygen and the amide hydrogen are most often in a trans configuration with respect to one another. rotation is restricted about the peptide bond. the peptide bond is longer than the typical carbon-nitrogen bond.
Answers: 2
You know the right answer?
Sabrina Consultants Inc. has had a defined benefit pension plan since January 1, 2016. The following...
Questions
question
Mathematics, 31.01.2020 01:52
question
Mathematics, 31.01.2020 01:52
question
Spanish, 31.01.2020 01:52
question
Mathematics, 31.01.2020 01:52
question
Social Studies, 31.01.2020 01:52
question
Mathematics, 31.01.2020 01:52
Questions on the website: 13722363