This essay has been submitted by a student. This is not an example of the work written by professional essay writers.
Uncategorized

Pension Plan

Pssst… we can write an original essay just for you.

Any subject. Any type of essay. We’ll even meet a 3-hour deadline.

GET YOUR PRICE

writers online

 

Ms. Brown apparently wasn’t up on pension accounting because the plan file contains only the following note: Remember to tell boss that I need help with accounting for these things! -C.B.

It takes a couple of days to assemble the information you need, but you finally get it all together and summarize it as follows:

Pension Plan

20142015
Projected Benefit Obligation65,000
Plan Assets (fair value), January 141,000
Pension asset/liability January 1 (credit)24,000
Prior service cost, January 116,000
Service cost4,0005,900
Settlement rate10%10%
Expected rate of return10%10%
Actual return on plan assets3,6006,100
Amortization of prior service cost7,0005,500
Annual contributions7,2008,100
Benefits paid to retirees3,1505,400
Increase in pension benefit obligations due to actuarial assumptions8,7000
Accumulated benefit obligations at December 3172,18078,900
Average service life of all employees20 years
Vested benefit obligation—December 3146,400


Tasks:

  • Prepare a pension worksheet using Microsoft Excel for both years 2014 and 2015 and the necessary computations and amortization of the loss (2015), using the corridor approach.
  • Prepare in the same worksheet the journal entries to reflect all pension plan transactions and events at December 31 of each year.
  • For 2015, indicate (in the same worksheet) the pension amounts to be reported in the financial statements.
  • In a 2 page Microsoft Word document, explain alternative measures for valuing the pension obligation. What would you advise for Panache?

 

  Remember! This is just a sample.

Save time and get your custom paper from our expert writers

 Get started in just 3 minutes
 Sit back relax and leave the writing to us
 Sources and citations are provided
 100% Plagiarism free
error: Content is protected !!
×
Hi, my name is Jenn 👋

In case you can’t find a sample example, our professional writers are ready to help you with writing your own paper. All you need to do is fill out a short form and submit an order

Check Out the Form
Need Help?
Dont be shy to ask