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- ACCOUNTING 4 EMPLOYEE BENEFITS A. At the beginning of current year, an entity provided the following information in connection with a defined benefit plan: Fair value of plan assets Projected benefit obligation Prepaid /accrued benefit cost 10,000,000 (13,000,000) (3,000,000) The entity revealed the following transactions affecting the plan for the current year: 2,500,000 1,200,000 Current service cost Past service cost - remaining vesting period of covered employees is 5 years Contribution to the plan Benefits paid to retirees Actual return on plan assets Decrease in projected benefit obligation due to change in actuarial assumptions 3,500,000 3,000,000 1,500,000 400,000 10% 12% Discount rate Expected return on plan assets REQUIRED: 1. Compute the employee benefit expense for the current year 2. Compute the net remeasurement gain for the current year 3. Compute the fair value of plan assets at year-end 4. Compute the projected benefit obligation at year-end 5. What amount should be…Multiple Choice The process of assigning the cost of postretirement benefits to the years during which those benefits are assumed to be earned by employees is called: Restitution. Retribution. Attribution. Submitted Assignation 8/10 Total points awardedWhich of the following phrases describes employer contributions within a profit sharing plan? discretionary mandatory substantial and recurring fixed Select one: 1 and 3 1 only 2 and 4 1, 2, and 4
- Benefits paid to members of a defined benefit p employment fund are based onil. investment returns generated by the fund.li. remuneration levels while err oyed.Ill. number of years of service.IV. the level of employer contributions made to the fund. Select one: a. Il and Ill only. b. I and I only. c. Il and IV only. • d. III and IV only.Problem 26-3 (IAA) Rachel Company revealed the following information for the current year: Fair value of plan assets-January 1 Projected benefit obligation-January 1 Current service cost Past service cost Actual return on plan assets Contribution to the plan Benefits paid to retirees Discount rate 1. What amount should be reported as employee benefit expense? a. 2,000,000 2,200,000 c. 2,500,000 d. 1,750,000 2. What amount should be reported as fair value of plan assets on December 31? a. 7,000,000 b. 6,500,000 c. 6,200,000 d. 5,500,000 5,000,000 7,500,000 1,450,000 300,000 500,000 1,500,000 800,000 10% 3. What amount should be reported as projected benefit obligation on December 31? a. 9,250,000 b. 9,700,000 c. 8,950,000 d. 9,200,000 4. What amount should be reported as accrued benefit cost on December 31? a. 3,000,000 b. 2,500,000 c. 2,000,000 d. 1,500,000Which one of the following increases the labour costs to an entity? Select one: O A. Productivity bonus O B. Employee deduction for trade union membership O C. Income tax O D. Employee contribution to pension fund Clear my choice
- You are the General Manager of Entity A. You have received the actuarial report for your company’s defined benefit plan. The report shows the following information: PV of DBO – Jan. 1, 20x1 1,500,000 FVPA – Jan. 1, 20x1 1,200,000 PV of DBO – Dec. 31, 20x1 1,800,000 FVPA, end. – Dec. 31, 20x1 1,310,000 Actuarial gain 100,000 Return on plan assets 110,000 Discount rate 5% When reporting on your company’s year-end highlights of financial summary, which of the following will you report to the Board of Directors (the ‘big bosses’)?Statement 1: The excess over the limit of de minimis benefits given to a rank and file is gross compensation subject to the rules on the non-taxable 13th month pay and other benefits. Statement 2: Profit-sharing bonus is included in the computation of 13th month pay and other benefits. A. Both statements are true B. Both statements are false C. Only statement 1 is true D. Only statement 2 is trueWhich of the following statements regarding a money purchase plan is (are) correct? I. The employee can choose from among different levels of contribution rates. II. The employer's contribution is a set formula often stated as a percentage of the employee's pay deferral into the plan. II. Employees may be permitted to make voluntary after-tax contributions into the plan. A. None. 3. I only. C. I and Il only. D. Il and II only. E. I, Il and II.
- Fair value of plan assets 4. What is the net remeasurement loss for the current year? relation to a defined benefit plan for the current year: Projected benefit obligation Ultimate Company provided the following information in Problem 18-22 (IFRS) Prepaid/accrued benefit cost - surplus 3. What amount should be reported as employee benefit January 1 December 31 2,600,000 2,000,000 3,000,000 2,100,000 Asset ceiling Effect of asset ceiling 600,000 200,000 900,000 300,000 400,000 600,000. Current service cost Contribution to the plan Benefits paid Discount rate 100,000 350,000 150,000 10% 1. What is the actual return on plan assets for the current year: a. 200,000 b. 350,000 c. 150,000 d. 260,000 2. What is the actuarial gain due to decrease in PBO? a. 50,000 b. 40,000 c. 30,000 d. С. * What amount should be reported as employee benefit expense? а. 200,000 b. 100,000 с. 80,000 d. 40,000 a. 110,000 b. 220,000 c. 270,000 d. 170,000Question 2: How is self-employment income calculated? Answer: A. O Self-employment income = Revenue B. O Self-employment income = Revenue + Expenses C. O Self-employment income = Revenue - Expenses D. O Self-employment income Expenses Question 10: Match each act with the year it was passed into law. 1996 Personal Responsibility and Work Opportunity Reconciliation DROP HERE 1938 Immigration Reform and Control DROP HERE 1986 Fair Labor Standards DROP HERE Question 33: Match each incentive plan to its definition. Profit-sharing Employee receives a portion of the company's profits after exceeding a predetermined level DROP HERE Stock options Employee may purchase shares of the business after meeting predetermined goals DROP HERE Sabbaticals Paid leave after working a predetermined number of years DROP HERE Cash incentives Monies received for reaching specific sales/production goal DROP HERE Question 34: Rachel is a server at a family restaurant in Omaha, NE. As a tipped employee, she…Indicate by letter whether each of the events listed below increases (I), decreases (D), or has no effect (N) on an employer's projected benefit obligation. Events 1. Interest cost. 2. Amortization of prior service cost. 3. A decrease in the average life expectancy of employees. 4. An increase in the average life expectancy of employees. 5. A plan amendment that increases benefits is made retroactive to prior years. 6. An increase in the actuary's assumed discount rate. 7. Cash contributions to the pension fund by the employer. 8. Benefits are paid to retired employees. 9. Service cost. 10. Return on plan assets during the year are lower than expected. 11. Return on plan assets during the year are higher than expected.