ACC 423 Week 4  WileyPLUS Assignment (New Syllabus/ With Excel File)
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ACC 423 Week 4 WileyPLUS Assignment (New Syllabus/ With Excel File)

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  • ACC 423 Week 4 WileyPLUS Assignment (New Syllabus With Excel File).xlsx

This Tutorial contains Excel Sheet, which can be used for any change in values Complete the following in WileyPLUS: • Question 16 • Brief Exercise 20-1 • Brief Exercise 20-5 • Brief Exercise 20-6 • Brief Exercise 20-8 • Brief Exercise 20-10 • Brief Exercise 20-11 • Exercise 20-3 • Exercise 20-11 • Exercise 20-19 • Exercise 20-21 • Exercise 20-23 Question 16 Given the following items and amounts, compute the actual return on plan assets: fair value of plan assets at the beginning of the period $9,480,000; benefits paid during the period $1,500,000; contributions made during the period $910,000; and fair value of the plan assets at the end of the period $10,110,000. Brief Exercise 20-1 AMR Corporation (parent company of American Airlines) reported the following (in millions). Service cost $366 Interest on P.B.O. 737 Return on plan assets 593 Amortization of prior service cost 13 Amortization of net loss 154 Brief Exercise 20-5 Bonita Corporation amended its pension plan on January 1, 2017, and granted $153,180 of prior service costs to its employees. The employees are expected to provide 2,070 service years in the future, with 380 service years in 2017. Compute prior service cost amortization for 2017. Brief Exercise 20-6 At December 31, 2017, Buffalo Corporation had a projected benefit obligation of $596,500, plan assets of $301,800, and prior service cost of $128,900 in accumulated other comprehensive income. Determine the pension asset/liability at December 31, 2017. (Enter liability using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Brief Exercise 20-8 Flounder Corporation has the following balances at December 31, 2017. Projected benefit obligation $2,543,000 Plan assets at fair value 1,984,000 Accumulated OCI (PSC) 1,163,000 What is the amount for pension liability that should be reported on Flounder's balance sheet at December 31, 2017? Pension liability balance at December 31, 2017 Brief Exercise 20-10 Larkspur Corp. has three defined benefit pension plans as follows. Pension Assets (at Fair Value) Projected Benefit Obligation Plan X $604,000 $498,000 Plan Y 984,000 665,000 Plan Z 517,000 694,000 How will Larkspur report these multiple plans in its financial statements? Exercise 20-3 (Part Level Submission) Waterway Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $91,200 Contribution to the plan 104,700 Prior service cost amortization 9,800 Actual and expected return on plan assets 62,800 Benefits paid 40,500 Plan assets at January 1, 2017 632,600 Projected benefit obligation at January 1, 2017 686,700 Accumulated OCI (PSC) at January 1, 2017 152,100 Interest/discount (settlement) rate 9 % Exercise 20-11 (Part Level Submission) Skysong Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 in which no benefits were paid. 1. The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $55,500. 2. The company’s funding policy requires a contribution to the pension trustee amounting to $136,360 for 2017. 3. As of January 1, 2017, the company had a projected benefit obligation of $894,500, an accumulated benefit obligation of $806,900, and a debit balance of $396,000 in accumulated OCI (PSC). The fair value of pension plan assets amounted to $600,000 at the beginning of the year. The actual and expected return on plan assets was $53,500. The settlement rate was 8%. No gains or losses occurred in 2017 and no benefits were paid. 4. Amortization of prior service cost was $49,800 in 2017. Amortization of net gain or loss was not required in 2017. Exercise 20-19 Marin Co. provides the following information about its postretirement benefit plan for the year 2017. Service cost $ 42,100 Contribution to the plan 10,500 Actual and expected return on plan assets 10,700 Benefits paid 20,800 Plan assets at January 1, 2017 108,400 Accumulated postretirement benefit obligation at January 1, 2017 330,400 Discount rate 10 % Compute the postretirement benefit expense for 2017. Exercise 20-21 Pina Inc. provides the following information related to its postretirement benefits for the year 2017. Accumulated postretirement benefit obligation at January 1, 2017 $728,700 Actual and expected return on plan assets 36,800 Prior service cost amortization 21,300 Discount rate 10 % Service cost 76,300 Compute postretirement benefit expense for 2017. Exercise 20-23 Sunland Co. provides the following information about its postretirement benefit plan for the year 2017. Service cost $81,300 Prior service cost amortization 2,800 Contribution to the plan 55,700 Actual and expected return on plan assets 68,100 Benefits paid 43,800 Plan assets at January 1, 2017 703,800 Accumulated postretirement benefit obligation at January 1, 2017 747,500 Accumulated OCI (PSC) at January 1, 2017 92,800 Dr. Discount rate 10 % Prepare a worksheet inserting January 1, 2017, balances, showing December 31, 2017, balances, and the journal entry recording postretirement benefit expense. (Enter all amounts as positive.)

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