Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. workout multiple choice. work out the problem usin

WORKOUT MULTIPLE CHOICE. Work out the problem using the space and scratch paper the provided,...

60.1K

Verified Solution

Question

Accounting

image
WORKOUT MULTIPLE CHOICE. Work out the problem using the space and scratch paper the provided, then choose the one alternative that best completes the statement or answers question. (20 points each) Accord Advisory's defined benefit pension plan specifies annual retirement benefits equal to: 1.5% x actual service years x final year's expected salary Tom Camry was hired by Accord at the end of 2003/beginning of 2004 and is expected to retire at the end of 2048. His retirement is expected to span 18 years, and retirement payments are to be made at the end of each year of retirement. At the end of 2018, Camry's salary is $80,000. The actuary projects his salary to be 5250,000 at retirement. The actuary's discount rate is 7% 13) At the end of 2018, Tom Camry has worked 15 years, and has 30 years left until retirement What is Accord's projected benefit obligation at the end of 2018 with respect to Camry? a) $ 74,332 b) $ 79,535 )$ 167,405 d) $ 23,786 14) At the beginning of 2019, the pension formula was amended to: 1.65% x actual service years x final year's expected salary What are the prior service costs associated with this plan amendment? a) S 5,55o. b) $5,451 c) $ 7,434 d) $4,959

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

NEET PHYSICS Q 70 The product of angular speed and tangential Q 70 speed of...

Physics
Q

There is not a cure for HIV yet, but there is an effective treatment for reducing...

Medical Sciences
Q

Explain what partial pressure is. List the partial pressures of O2 and CO2 in alveolar air...

Medical Sciences
Q

Explain three 3 general mechanisms of DNA repair

Biology
Q

the path of lymph as it moves from 10 Describ the tissues back to the...

Biology
Q

Solve the system of equations:{2x-5y+z=-15{-x+y-z=3{x-3y=-9

Basic Math
Q

he domain of f x x 6x 7 O A 1 7 B 1 7...

Calculus
Q

12 1 point Solve the system of equations by elimination 3x 2y 16 5x 2y...

Algebra
Q

The following income statement was prepared by an office clerk hired for...

Accounting
Q

Jane, a single individual, earned salaries and wages of $59,000 and interest $2,000 and dividends...

Accounting
Q

Read each scenario, decide whether the company is using Cash basis or Accrual basis, and...

Accounting
Q

Check my work Newlyweds Jamie Lee and Ross have had several milestones in the past...

Finance