O22nsions) iSavedHeRequired Information0:00/2:46720p 1xKnowledge Check 01Which of the following statements are correct with regard to defined benefit plans and comprehensive income? (Select all that apply."Check All That ApplyComprehensive income is a more expansive view of income than traditional net income.Comprehensive income includes net income and other comprehensive income.All gains and losses related to pensions are reported in the income statement as they occur.Next >%24< Prev14of 20student-s-reque....pdfFinacial Acco....pagesFinacial-Accoun...pdf7 Finacial Acco....pagesRemovedipdMacBook AirF864F700000F4F595F3234.69

OCI is called other comprehensive income

Answered: Knowledge Check 01 Which of the…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 4C

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1. What is the actual return on pension plan assets? 2. What is the amount of actuarial gain or loss that will be taken to other comprehensive income? if gain positive amount, if loss negative amount Example: gain --> 1,000 loss --> (1,000)
What is the amount of actuarial gain or loss that will be taken to other comprehensive income? if gain positive amount, if loss negative amount Example: gain --> 1,000 loss --> (1,000) What is the actual return on pension plan assets?
Explain the following terms. Include the definition, how they are calculated, treated in the accounting records (general ledger) and shown in the financial statements. Defined Benefit Obligation Plan Assets Pension Asset/Liability Pension Expense Other Comprehensive Income (OCI) gain/loss
Explain the following terms. Include the definition, how they are calculated, treated in the accounting records (general ledger) and shown in the financial statements. Pension Expense Other Comprehensive Income (OCI) gain/loss
Required: 1-a. Determine Douglas-Roberts's pension expense for 2021 1-b, 2. to 4. Prepare the appropriate journal entries to record the pension expense, to record any 2021 gains and losses, to record the cash contribution to plan assets and to record retiree benefits Complete this question by entering your answers in the tabs below. Req 1A Req 18 and 2 to 4 Prepare the appropriate journal entries to record the pension expense, to record any 2021 gains and losses, to record the cash contribution to plan assets and to record retiree benefits. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (Le 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 1 2 3 1 Record annual pension expense Note: Exer debts before credits 4 5 Genet Jumal Det Credit View general journal
Compute for the following:1. Total pension expense (2021)2. Pension Expense recognized in 2021 profit or loss3. Pension Expense recognized in 2021 other comprehensive income or loss4. Prepaid (accrued) pension expenses - 12/31/21
Which component of Kensington’s periodic pension cost would be shown in OCI ratherthan P&L?A . Service costB . Net interest (income) expenseC . Remeasurements
Luciana Fashions calculated pension expense for its underfunded pension plan as follows: Service cost Interest cost Expected return on the plan assets ($100 actual, less $10 gain). Amortization of prior service cost Amortization of net loss Pension expense by by ($ in millions) $ 224 ($ in millions) 150 (90) Required: Which elements of Luciana's balance sheet are affected by the components of pension expense? What are the specific changes in these accounts? Note: Enter your answers in millions. 8 2 $ 294
What was the dollar amount of loss (gain) on plan assets that was recognized in OCI during 20X1? Prepare the journal entries to record pension expense, the contribution, and the OCI effects.
Q5: Research about and in your own words, describe the different EXCLUSIONS FROM GROSS INCOME: Ø Proceeds of life insurance policyØ Amount received by the insured as a return of premiumØ Gift, bequest, or descentØ Compensation for injuries or sicknessØ Income exempt under treatyØ Retirement benefits, pensions, gratuities, etc.
5. What is the total pension expense in 2021?6. How much from the pension expense is recognized in the 2021 profit or loss?7. How much from the pension expense is recognized in the 2021 other comprehensiveincome or loss?
Under IFRS, any difference between the pension expense and the payments into the pension fund plan assets should be reflected in Select one: a. a contra account to the net defined benefit liability/asset. b. an accrued actuarial liability. c. the net pension liability/asset. d. a note to the financial statements only. e. None of the above.

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Knowledge Check 01 Which of the following statements are correct with regard to defined benefit plans and comprehensive income? (Select all that apply