Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 17, 2024

The accounting staff of Pearl Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked

The accounting staff of Pearl Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2020.

Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits. (Enter all amounts as positive.)

Pension WorksheetPearl Inc.

General Journal Entries

Memo Record

Annual Pension Expense

Cash

OCIPrior Service Cost

OCIGain/ Loss

Pension Asset/ Liability

Projected Benefit Obligation

Plan Assets

Balance, Jan. 1, 2020

$1,386

Cr.

$3,528

Dr.Cr.

$2,142

Dr.Cr.

Service cost

Dr.Cr.

630

Dr.Cr.

Interest cost

Dr.Cr.

353

Dr.Cr.

Actual return

Dr.Cr.

277

Dr.Cr.

Unexpected gain

189

Dr.Cr.

Amortization of PSC

Dr.Cr.

$69

Dr.Cr.

Contributions

$1,008

Dr.Cr.

1,008

Dr.Cr.

Benefits

252

Dr.Cr.

252

Dr.Cr.

Liability increase

Dr.Cr.

460

Dr.Cr.

Journal entry

Dr.Cr.

Accumulated OCI, Dec. 31, 2019

1,386

Dr.Cr.

Balance, Dec. 31, 2020

$1,317

Dr.Cr.

$271

Dr.Cr.

$1,544

Dr.Cr.

$4,719

Dr.Cr.

$3,175

Dr.Cr.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Primary Science Audit And Test

Authors: Jenny Byrne, Andri Christodoulou, John Sharp

4th Edition

1446282732, 978-1446282731

More Books

Students also viewed these Accounting questions

Question

★★★★★

The uniform ladder rests along the wall of a building at A and on the roof at B. If the ladder has a weight W and the surfaces at A and B are assumed smooth, determine the angle for equilibrium....

Answered: 1 week ago

Question

★★★★★

Show that the space curve given by r(t) = (1 cos(2t), t + sin t, t 2 ) intersects the yz-plane in infinitely many points but does not cross through it.

Answered: 1 week ago

Question

★★★★★

=+ What is the P-value associated with the test? Was a significance level selected for the test (as opposed to simply reporting the P-value)? Is the chosen significance level reasonable?

Answered: 1 week ago

Question

★★★★★

The following information is available about items that differ between the governmental funds and the government-wide statements. Assume that there are no internal service funds. The schedule of...

Answered: 1 week ago

Question

★★★★★

The accounting staff of Pearl Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in...

Answered: 1 week ago

Question

★★★★★

The EBRI Retirement Confidence Survey 2021 stated that 13% of workers reported that the total value of their savings and investments (excluding the value of their home and a defined benefit plan, if...

Answered: 1 week ago

Question

★★★★★

Pharmaceutical Benefits Managers (PBMs) are intermediaries between upstream drug manufacturers and downstream insurance companies. They design formularies (lists of drugs that insurance will cover)...

Answered: 1 week ago

Question

★★★★★

H ng.cengage.com " . s @ MindTap - Cengage Learning ; Rebecca v i: CENGAGE I MINDTAP Q Search this course My Home Problems: Chapters 15 and 16 o X Courses Back to Assignment Catalog and Study Tools...

Answered: 1 week ago

Question

★★★★★

7 . Individual Problems 16-6 Pharmaceutical Benefits Managers (PBMs) are intermediaries between upstream drug manufacturers and downstream insurance companies. They design formularies (lists of drugs...

Answered: 1 week ago

Question

★★★★★

Salazer, a young boy from El Salvador, was raised by grandparents who abused him. He lived in dire poverty and ran with street gangs. When he returned to his parents and sister, he had violent...

Answered: 1 week ago

Question

★★★★★

Attempts 7. Individual Problems 16-6 Average/2 Pharmaceutical Benefits Managers (PBMs) are intermediaries between upstream drug manufacturers and downstream insurance companies. They design...

Answered: 1 week ago

Question

★★★★★

cultural empathy: sensitivity to other cultures and a non-judgmental understanding of other cultures is probably essential;

Answered: 1 week ago

Question

★★★★★

diplomatic skills: an ability to deal with others, negotiate and to represent the parent company on foreign assignment; this may even involve interaction with politicians and government officials in...

Answered: 1 week ago

Question

★★★★★

adaptability and flexibility: this includes the ability to integrate with other people and other cultures and different types of business operations; being adaptable to change; having the ability to...

Answered: 1 week ago

Previous Question Next Question