Question
In: Accounting
On December 31, 2019, Robey Company accumulated the following information for 2019 in regard to its...
On December 31, 2019, Robey Company accumulated the following information for 2019 in regard to its defined benefit pension plan:
| Service cost | $102,220 |
| Interest cost on projected benefit obligation | 12,240 |
| Expected return on plan assets | 11,120 |
| Amortization of prior service cost | 1,920 |
On its December 31, 2018, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $13,940.
Required:
| 1. | Compute the amount of Robey’s pension expense for 2019. |
| 2. | Prepare all the journal entries related to Robey’s pension plan for 2019 if it funds the pension plan in the amount of (a) $105,260, (b) $104,220, and (c) $109,600. |
| 3. | Next Level Assuming Robey’s beginning 2019 Accumulated Other Comprehensive Income: Prior Service Cost balance was $63,770 what would be its ending balance? |
| 4. | Next Level How much would Robey need to fund its pension plan for 2019 in order to report an accrued/ prepaid pension cost asset of $5,100 at the end of 2019? |
Solutions
ekkarill92 answered 2 years agoRelated Solutions
On December 31, 2019, Robey Company accumulated the following information for 2019 in regard to its...
On December 31, 2019, Robey Company accumulated the following
information for 2019 in regard to its defined benefit pension
plan:
Service cost
$110,830
Interest cost on projected benefit obligation
11,470
Expected return on plan assets
10,390
Amortization of prior service cost
2,140
On its December 31, 2018, balance sheet, Robey had reported an
accrued/prepaid pension cost liability of $13,000.
Required:
1.
Compute the amount of Robey’s pension expense for 2019.
2.
Prepare all the journal entries related to Robey’s pension...
On December 31, 2016, Robey Company accumulated the following information for 2016 in regard to its...
On December 31, 2016, Robey Company accumulated the following
information for 2016 in regard to its defined benefit pension plan:
Service cost $95,020 Interest cost on projected benefit obligation
11,110 Expected return on plan assets 10,770 Amortization of prior
service cost 2,120 On its December 31, 2015, balance sheet, Robey
had reported an accrued/prepaid pension cost liability of $13,850.
Required: 1. Compute the amount of Robey’s pension expense for
2016. 2. Prepare all the journal entries related to Robey’s pension...
The following is account information for MOK Company as of December 31, 2019. Sales ...
The following is account information
for MOK Company as of December 31, 2019.
Sales
$98,207
Equipment
$44,000
Bank Loan (3 years) 2,500
Acc. Depreciation,
Equipment 14,000
Capital
27,203
Accounts
Receivable
12,000
Accounts Payable
10,950
Electricity
1,500
Other Expenses
9,200
Cash
1,000
Return Inwards
900
Discount
Allowed
500
Return
Outwards
370 ...
Pension Expense and Liability On December 31, 2016, Robey Company accumulated the following information for 2016...
Pension Expense and Liability
On December 31, 2016, Robey Company accumulated the following
information for 2016 in regard to its defined benefit pension
plan:
Service cost
$113,390
Interest cost on projected benefit obligation
11,810
Expected return on plan assets
11,250
Amortization of prior service cost
2,130
On its December 31, 2015, balance sheet, Robey had reported an
accrued/prepaid pension cost liability of $14,100.
Required:
1.
Compute the amount of Robey’s pension expense for 2016.
2.
Prepare all the journal entries...
The following information is from Amos Company for the year ended December 31, 2019.
The following information is from Amos Company for the year ended December 31, 2019.
Retained earnings at December 31, 2018 (before discovery of error), $865,000.
Cash dividends declared and paid during the year, $22,000.
Two years ago, it forgot to record depreciation expense of $36,600 (net of tax benefit).
The company earned $221,000 in net income this year.
Prepare a statement of retained earnings for Amos Company.
A) On December 31, 2019, Pack-INT-Deliver Company completed its first year of operations. The following information...
A) On December 31, 2019, Pack-INT-Deliver Company completed its
first year of operations. The following information has been
provided for the year:
a. Sold packing supplies for $30,000 and provided $280,000 of
delivery services.
b. All packing supplies sales were for cash.
c. Collected $212,000 of delivery service revenue.
d. Paid $15,000 cash to rent packing equipment, with $10,000 for
rental in 2019 and the remaining amount for rental in 2020.
e. Spent $4,000 cash to repair delivery equipment during...
The following information is known about ZNET Company at December 31, 2019: Cash at the beginning...
The following information is known about ZNET Company at
December 31, 2019:
Cash at the beginning of the year (1 January, 2019) 3,000
Eur
Accumulated amortization 20,000 Eur
Amortization expense 5,000 Eur
Increase in accounts payable from purchase of supplied and
merchandise 8,000 Eur
Sale of vehicles 13,000 Eur
Purchase of land 8,000 Eur
Gain on sale of vehicles 2,000 Eur
Purchase of equipment 1,000 Eur
Net income 17,000 Eur
Received a 2-years bank loan of 6,000 Eur
Indicate the...
The following information is available for the Mercy Hospital: For year ending December 31 2019 December...
The following information is available for the Mercy
Hospital:
For year ending
December 31
2019
December 31, 2018
Revenue
Net Patient Revenue
$14,500,000.00
$3,165,000.00
Operating Expenses
Medical/surgical
$1,500,000.00
$1,000,000.00
Wages
$1,200,000.00
$ 500,000.00
Purchasing
$ 350,000.00
$ 120,000.00
Pharmacy
$1,650,000.00
$1,250,000.00
Professional Fees
$3,400,000.00
$2,650,000.00
Interest
$ 750,000.00
$ 525,000.00
Revenue in Excess of Expense/(Loss)
??????
??????
Analyze this statement of operations and write a
paragraph on what you perceive to be the strengths and weaknesses
of Mercy Hospital. There...
Monty Company reported the following amounts in the stockholders’ equity section of its December 31, 2019,...
Monty Company reported the following amounts in the
stockholders’ equity section of its December 31, 2019, balance
sheet.
Preferred stock, 10%, $100 par (10,000 shares authorized, 1,800
shares issued) $180,000
Common stock, $5 par (103,500 shares authorized, 20,700 shares
issued) 103,500
Additional paid-in capital 114,000
Retained earnings 423,000
Total $820,500
During 2020, Monty took part in the following transactions
concerning stockholders’ equity. 1. Paid the annual 2019 $10 per
share dividend on preferred stock and a $2 per share dividend...
Kingbird Company reported the following amounts in the stockholders’ equity section of its December 31, 2019,...
Kingbird Company reported the following amounts in the
stockholders’ equity section of its December 31, 2019, balance
sheet.
Preferred stock, 9%, $100 par (10,000 shares authorized, 1,800
shares issued)
$180,000
Common stock, $5 par (92,000 shares authorized, 18,400 shares
issued)
92,000
Additional paid-in capital
112,000
Retained earnings
462,000
Total
$846,000
During 2020, Kingbird took part in the following transactions
concerning stockholders’ equity.
1.
Paid the annual 2019 $9 per share dividend on preferred stock
and a $2 per share dividend...
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