(e) How much cash did Xerox contribute to its pension and health care plans in 2010?Pension = $ 237millionHealth care $ 92million(f) How much cash did retirees receive in 2010 from the pension plan and the health care plan?Pension = $ 0millionHealth care = $ 0millionHow much cash did Xerox pay these retirees in 2010?$ 0million(g) Show the computation of the 2010 funded status for the pension and health care plans.Do not use negative signs with your answers.Pension: $7,940 million - $ 0million = $0millionHealth care : $0 million - $ 0million = $ 0million Xerox reports the following pension and retiree health care ("Other") footnote as part of its 10-K report.Pension BenefitsRetiree Health(in millions)2010200920102009Change in Benefit ObligationBenefit obligation, January 1$9,194 $8,495 $1,102 $1,002Service cost17817387Interest cost5755085460Plan participants' contributions1192636Plan amendments(19)4(86)1Actuarial loss (gain)47720913124Aquistions14011-Currency exchange rate changes(154)373615Curtailments(1)--Benefits paid/settlements(670)(578) (118)(143)Benefit obligation, December 31$9,731$9,194 $1,006 $1,102Change in Plan AssetsFair value of plan assets, January 1$ 7,561$ 6,923$ --$ -Actual return on plan assets846720--Employer contribution23712292107Plan participants' contributions1192636Aquistions107--Currency exchange rate changes(144)349Benefits paid/settlementsOther(669)(578)(118)(143)(9)16Fair value of plan assets, December 31Net funded status at December 31$ (1,791) $ (1,633) $ (1,006) $ (1,102)$7,940 $7,561$--$ --Components of Net Periodic Benefit CostService cost(in millions)Pension Benefits2010 2009 2008Retiree Health2010 2009 2008$178 $173 $209 $8 $7 $14Interest costExpected return on plan assetsRecognized net actuarial lossAmortization of prior service creditRecognized settlement lossDefined benefit plansDefined contribution plansTotal net periodic benefit cost575 508 (5) 54(570) (523) (80)6084-712536(22)(21)(20) (30)(41) (21)723047034-232 174 322677513880$355 $270 $254 $32 $26-$77Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive IncomeNet actuarial loss (gain)1988 1,062 13126(244)Prior service cost (credit)-Amortization of net actuarial (loss) gainAmortization of prior service (cost) creditTotal recognized in other comprehensive income(19)1 (86)(143) (95) (70)22 21$58 $ (66) $1,013 (43) $168 $ (442)1(219)--20 304121

Net defined benefit liability:Net defined benefit liability denotes the deficit or surplus between…

Xerox reports the following pension and retiree health care ("Other") footnote as part of its 10-K report. Pension Benefits Retiree Health (in millions) Change in Benefit Obligation Benefit obligation, January 1 Service cost Interest cost 2010 2009 2010 2009 $9,194 $8,495 $1,102 $1,002 178 173 8 7 575 508 54 60

Xerox reports the following pension and retiree health care ("Other") footnote as part of its 10-K report. Pension Benefits Retiree Health (in millions) Change in Benefit Obligation Benefit obligation, January 1 Service cost Interest cost 2010 2009 2010 2009 $9,194 $8,495 $1,102 $1,002 178 173 8 7 575 508 54 60

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter12: Liabilities: Off-balance-sheet Financing, Retirement Benefits, And Income Taxes

Section: Chapter Questions

Problem 21E

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Xerox reports the following pension and retiree health care ("Other") footnote as part of its 10-K report. Pension Benefits Retiree Health (in millions) 2010 2009 2010 2009 Change in Benefit Obligation Benefit obligation, January 1 $9,194 $8,495 $1,102 $1,002 Service cost 178 173 00 8 7 Interest cost 575 508 54 60 Plan participants' contributions 11 9 26 36 Plan amendments (19) 4 (86) 1 Actuarial loss (gain) 477 209 13 124 Aquistions 140 1 1 Currency exchange rate changes (154) 373 6 15 Curtailments (1) - - Benefits paid/settlements (670) (578) (118) (143) Benefit obligation, December 31 $9,731 $9,194 $1,006 $1,102 Change in Plan Assets Fair value of plan assets, January 1 $ 7,561 $6,923 $-- $- Actual return on plan assets 846 720 Employer contribution 237 22 122 Plan participants' contributions 11 9 22 92 107 26 36 Aquistions 107 - Currency exchange rate changes (144) 349 - Benefits paid/settlements (669) (578) (118) (143) Other Fair value of plan assets, December 31 Net funded status…
Items Balance, Jan. 1, 2025 (a) Service Cost (b) Interest Cost (c) Actual Return (d) Contributions (e) Benefits Journal Entry for 2025 Balance, Dec. 31, 2025 The service cost for 2025 is O $115000. O $6000. O $37000. O $38000. Annual Pension Expense ?? dr 15000 dr General Journal Entries 16000 cr $37000 Pharoah Corporation Pension Worksheet Cash $37000 cr ?? Show Transcribed Text Pension Asset/ Liability ?? Memo Record Projected Benefit Obligation $115000 cr $115000 dr ?? Plan Assets ??
A partial pension worksheet for Sunland Corporation is shown below. Items Balance, Jan. 1, 2025 (a) Service Cost (b) Interest Cost (c) Actual Return (d) Contributions (e) Benefits Journal Entry for 2025 Balance, Dec. 31, 2025 Annual Pension Expense The service cost for 2025 is ?? General Journal Entries $69000 dr 28000 dr 29000 cr Sunland Corporation Pension Worksheet Cash $69000 cr ?? Pension Asset/ Liability $- ?? Memo Record Projected Benefit Obligation $128000 cr $128000 dr ?? Plan Assets ??
The pension worksheet for Pharoah Company is shown below. Pharoah Company Items Balance, Jan. 1, 2025 Pension Worksheet General Journal Entries Memo Record Annual Pension Expense Pension Asset/ Projected Benefit Plan Cash Liability Obligation Assets ?? $184000 cr $137000 dr (a) Service Cost $52000 dr (b) Interest Cost 32000 dr (c) Actual Return 29000 cr (d) Contributions $57000 cr 57000 dr (e) Benefits 27000 dr 27000 cr Journal Entry for 2025 $55000 dr $57000 cr Balance, Dec. 31, 2025 ?? $211000 $167000 What is the Pension Asset/Liability balance on January 1, 2025? $44000 Liability $89000 Liability O $47000 Liability O $47000 Asset
Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits. (Enter all amounts as positive.) Pension Worksheet—Riverbed Inc. General Journal Entries Memo Record Annual PensionExpense Cash OCI—PriorService Cost OCI—Gain/Loss Pension Asset/Liability Projected BenefitObligation PlanAssets Balance, Jan. 1, 2020 $1,298 Cr. $3,304 $2,006 Service cost $ 590 Interest cost 330…
(Post-Retirement Benefit Expense Calculation and Entries, IFRS, ASPE) Opsco Corp. provides the following information about its post-retirement health-care benefit plan for the year 2023: Current service cost $ 202,500 Contribution to the plan 47,250 Actual return on plan assets 141,750 Benefits paid 90,000 Plan assets at January 1, 2023 1,597,500 Defined post-retirement benefit obligation at January 1, 2023 1,822,500 Discount rate 9% Instructions Assuming Opsco follows IFRS, calculate the post-retirement benefit expense for 2023, and prepare all required journal entries related to the post-retirement benefit plan that were made by the company in 2023. Assuming Opsco follows ASPE, calculate the post-retirement benefit expense for 2023, and prepare all required journal entries related to the post-retirement benefit plan that were made by the company in 2023.
Marin Importers provides the following pension plan information. Fair value of pension plan assets, January 1, 202O $2,575,000 Fair value of pension plan assets, December 31, 2020 2,914,000 Contributions to the plan in 202O 299,000 Benefits paid retirees in 2020 366,000 From the data above, compute the actual return on the plan assets for 2020. Actual return on plan assets for 2020 %24
Togress Ivanhoe Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan $91,300 102,900 Prior service cost amortization 9,500 Actual and expected return on plan assets 64,800 Benefits paid 39,400 Plan assets at January 1, 2025 648,700 Projected benefit obligation at January 1, 2025 694,400 Accumulated OCI (PSC) at January 1, 2025 150,900 Interest/discount (settlement) rate 9% Compute the pension expense for the year 2025. Pension expense for 2025 $
Information regarding the defined benefit pension plan of Neo Products included the following for 2024 ($ in millions):Plan assets, January 1$ 210Plan assets, December 31315 Return on plan assets30Employer contributions to the pension plan (end of year)126What amount of retiree benefits was paid at the end of 2024? Multiple Choice$51 million$21 million$72 million$105 million
Sunland Inc. provides the following information related to its post-retirement health-care benefits for the year 2020: Defined post–retirement benefit obligation at January 1, 2020 $114,000 Plan assets, January 1, 2020 45,800 Actual return on plan assets, 2020 4,000 Discount rate 11% Service cost, 2020 56,200 Plan funding during 2020 22,200 Payments from plan to retirees during 2020 6,200 Actuarial loss on defined post-retirement benefit obligation, 2020 (end of year) 26,300 Sunland Inc. follows IFRS. Calculate the post–retirement benefit expense for 2020. Post–retirement benefit expense 2020 $enter the Post–retirement benefit expense in dollars eTextbook and Media Calculate the post-retirement benefit remeasurement gain or loss—other comprehensive income (OCI) for 2020. Post-retirement benefit remeasurement select an option…
Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows: ($ millions) $480 350 75 45 P80 balance, January 11 Plan assets balance, January 1 Service cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets. Contributions 2024 26 (36) 23 65 The expected long-term rate of return on plan assets was 8%. There were no AOCI balances related to pensions on January 1, 2024, but at the end of 2024, the company amended the pension formula, creating a prior service cost of $13 million.
Analyzing and Interpreting Pension Disclosures E.I. Du Pont De Nemours and Co.'s 10-K report has the following disclosures related to its retirement plans ($ millions). Obligations and Funded Status December 31 ($ millions) Change in benefit obligation Pension Benefits 2012 2011 Benefit obligation at beginning of year $27,083 $23,924 Service cost 277 249 1,165 1,253 24 21 Interest cost Plan participants' contributions Acturarial loss Benefits paid Amendments Net effects of acquisitions/divestitures Benefit obligation at end of year Change in plan assets Fair value of plan assets at beginning of year Actual gain on plan assets Employer contributions Plan participants' contributions Benefits paid 2,245 3,062 (1,593) (1,610) (22) 2 182 $29,179 $27,083 $ 17,794 $18,403 2,326 471 848 341 24 21 (1,593) (1,610) Net effects of acquisitions/divestitures 168 Fair value of plan assets at end of year $19,399 $17,794 Funded status U.S. plans with plan assets $(6,625) $892 Non-U.S. plans with plan…