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Use the following information to answer the next 3 questions. ABC has beginning-of-year balances of: PBO,...

Use the following information to answer the next 3 questions.
ABC has beginning-of-year balances of: PBO, $330,000; Plan Assets, $310,000; and Net Loss – AOCI, $55,000. During the year, ABC recorded a loss on Plan Assets of $8,820 and a gain on the PBO of $11,000. Net income for the year is $77,000. Assume no amortization of the net gain/loss in AOCI is needed.
14. Other comprehensive income is ____.
15. Comprehensive income is ____.
16. The end-of-year balance in Net Loss – AOCI is ____.

Solutions

Expert Solution

Loss on Plan Assets                (8,820)
Gain on the PBO                11,000
Answer 14 Other comprehensive income                  2,180
Net income                77,000
Other comprehensive income                  2,180
Answer 15 Comprehensive income                79,180
Beginning Net Loss – AOCI                55,000
Add: Loss on Plan Assets                  8,820
Less: Gain on the PBO              (11,000)
Answer 16 End-of-year balance in Net Loss – AOCI                52,820

ekkarill92 answered 1 year ago
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