Please answer in good accounting form. Thankyou 5. Compute for the annual retirement benefit expense for 2020. (present answer in whole number) 6. Compute for the annual retirement benefit expense for 2021. (present answer in whole number)
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Please answer in good accounting form. Thankyou
5. Compute for the annual retirement benefit expense for 2020. (present answer in whole number)
6. Compute for the annual retirement benefit expense for 2021. (present answer in whole number)
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- Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn 12% on its plan assets during the year. Pinecones service cost is 230,000, and its interest cost is 55,000. Compute Pine-cones pension expense for the current year.Greg Company provides retirement benefits to employees through defined contribution plan. The plan provides that Greg Company shall contribute annually 9% of gross payroll to a funding agency. In addition, the entity is also required to contribute 6% of annual sales exceeding 15,000,000. During 2020, gross payroll of the company was P 6,500,000 and total sales amounted to P 32,000,000. How much is the retirement benefit expense taken to profit or loss for the year 2020? Assuming that during 2020, the company contributed P 1,700,000 to the trustee. How much is the prepaid or accrued benefit arising from the transaction?Compute for the annual retirement benefit expense for 2020. (present answer in whole number) EIGHT Company has a defined contribution retirement plan that covers its seventy five existing employees. The term of the plan require EIGHT to contribute 7.5% of the annual employees' salaries to the retirement plan each year. The payroll records show the average quarterly salaries as follows: 2020 1,275,850 2021 1,390,675
- Joshua Company has a define contribution plan that covers its existing employees. The terms of the plan require Joshua to contribute 5% of the annual employee salaries to the retirement plan each year. The payroll shows the annual salaries and contributions made as follows: Year Gross Payroll Contributions made 2021 P670,000 670,000 2022 12.200,000 430,000 How much is the benefit expense in 2022 profit or loss and the amount of prepaid (accrued) benefit as of December 31, 2022? O P610,000 and P10,000 prepaid O P610,000 and P180,000 accrued OP430,000 and P10.000 prepaid OP430,000 and P180,000 accruedJoshua Company has a define contribution plan that covers its existing employees. The terms of the plan require Joshua to contribute 5% of the annual employee salaries to the retirement plan each year. The payroll shows the annual salaries and contributions made as follows: Year Gross Payroll Contributions made 2021 P10,000,000 P670,000 2022 12,200,000 430,000 How much is the benefit expense in 2022 profit or loss and the amount of prepaid (accrued) banefit as of December 31, 2022?Sandhill Limited provides a defined contribution pension plan for its employees. The plan requires the company to deduct 5% of each employee's gross pay for each payroll period as the employee contribution. The company then contributes 7% of the gross pay for the employer contribution. Both amounts are remitted to the pension trustee within 10 days of the end of each month for the previous month's payrolls. At November 30, 2023, Sandhill reported $29.200 of combined withheld and matched contributions owing to the trustee. During December, Sandhill reported gross salaries and wages expense of $261,200. (b) What amount of defined benefit expense will the company report for December 2023? Defined benefit expense to be reported $
- Company A has established a defined benefit plan indicating a plan formula for annual benefit equal to 2% multiplied by the number of years in service multiplied by the final year’s salary. The annual benefit is payable at the end of each year. An employee was hired by the entity on January 1,2000 and expected to retire on December 31, 2044. The employee’s retirement is expected to span 21 years. The employee’s final salary at retirement is expected to be P800,000 and the appropriate discount rate is 8%. On January 1, 2020, the plan formula was amended by increasing the percentage from 2% to 3%. The amendment was made retroactive to consider past service years. Compute for the ff: 1)PBO, Jan 1, 2020 (before amendment), Jan 1, 2020 (after amendment), Dec. 31,2020, Dec. 31, 2021 and Dec. 31 2022 2)Past service cost, 2020, 2021 and 2022 3)Current service cost, 2020, 2021 and 2022 4)Interest expense, 2020, 2021 and 2022Blount Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $30,000 for the period. The pension plan requires acontribution to the plan administrator equal to 10% of employeesalaries. Salaries were $400,000 during the period. Provide the journal entry for the (a) vacation pay and (b) pension benefit.On January 1, 20X1, Cello Co. established a defined benefit pension plan for its employees. At January 1, 20X1, Cello estimated the service cost for 20X1 to be $45,000. At January 1, 20X2, it estimated 20X2 service cost to be $49,000. On the plan inception date, prior service credit was granted to employees for five years, the period of time between the company's formation and plan inception. The prior service cost was estimated to be $650,000 at January 1, 20X1. Cello uses a 10% discount rate and assumes a return on plan assets of 9%. The average remaining service life of employees is 20 years, and the company will fund at the end of each year an amount equal to service cost plus interest cost for 20X1 and 20X2. December 31, 20X2 20X1 PBO Benefits paid at 12/31 Fair value of plan assets 2,000 ? Contributions at 12/31 Actual return on plan assets ? 3,200 Required: 1. Compute the amount of prior service cost to be included as a component of pension expense for 20X1. 2. Compute pension…
- Babcock Company received the following reports of its defined benefit pension plan for the current calendar year: PBO Plan assets Balance, January 1 $ 600,000 Balance, January 1 $ 500,000 Service cost 360,000 Actual return 50,000 Interest cost 64,000 Annual contribution 220,000 Benefits paid (90,000) Benefits paid (90,000) Balance, December 31 $ 934,000 Balance, December 31 $ 680,000 The long-term expected rate of return on plan assets is 8%. Assuming no other data are relevant, what is the pension expense for the year?On January 1, 20X1, Cello Co. established a defined benefit pension plan for its employees. At January 1, 20X1, Cello estimated the service cost for 20X1 to be $45,000. At January 1, 20X2, it estimated 20X2 service cost to be $49,000. On the plan inception date, prior service credit was granted to employees for five years, the period of time between the company’s formation and plan inception. The prior service cost was estimated to be $650,000 at January 1, 20X1. Cello uses a 10% discount rate and assumes a return on plan assets of 9%. The average remaining service life of employees is 20 years, and the company will fund at the end of each year an amount equal to service cost plus interest cost for 20X1 and 20X2. December 31, 20X2 20X1 PBO ? ? Benefits paid at 12/31 2,000 0 Fair value of plan assets ? 0 Contributions at 12/31 ? ? Actual return on plan assets 3,200 0 Required: 6-a. Compute the amount of prior service…On January 1, 20X1, Cello Co. established a defined benefit pension plan for its employees. At January 1, 20X1, Cello estimated the service cost for 20X1 to be $45,000. At January 1, 20X2, it estimated 20X2 service cost to be $49,000. On the plan inception date, prior service credit was granted to employees for five years, the period of time between the company’s formation and plan inception. The prior service cost was estimated to be $650,000 at January 1, 20X1. Cello uses a 10% discount rate and assumes a return on plan assets of 9%. The average remaining service life of employees is 20 years, and the company will fund at the end of each year an amount equal to service cost plus interest cost for 20X1 and 20X2. December 31, 20X2 20X1 PBO ? ? Benefits paid at 12/31 2,000 0 Fair value of plan assets ? 0 Contributions at 12/31 ? ? Actual return on plan assets 3,200 0 Prepare T-accounts for Pension asset (liability),…