CH 15 - CHAPTER 15 Accounting for Compensation ASSIGNMENT...

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15-1 CHAPTER 15 Accounting for Compensation ASSIGNMENT CLASSIFICATION TABLE Topics Questions Brief Exercises Exercises Problems Cases 1. Payroll liabilities, compensated absences. 1, 2, 3, 4, 1, 2, 3 1, 2, 3, 4 1, 2 2. Stock options. 5, 6, 7, 8, 9 4, 5 5, 6, 7 3 1 3. Basic definitions and concepts related to pension plans. 10, 11, 12, 18 2 4. Work sheet preparation. 7 10, 11, 12 4, 6 5. Income statement recognition, computation of pension expense. 13, 14, 15 8 8, 9, 10, 11, 12, 13 4, 5, 6 2 6. Balance sheet recognition, computation of pension expense. 18, 19 6, 8 10, 11, 12, 13 4, 5, 6 7. Reconciliation schedule. 20 9 10 4, 6 8. Prior service cost. 14, 16, 17 8, 9, 12, 13 4, 5, 6 9. Unrecognized net gain or loss. 13 4, 6 2 10. Disclosure issues. 13 11. Postretirement benefits. 21, 22 10 3
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15-2 ASSIGNMENT CHARACTERISTICS TABLE Item Description Level of Difficulty Time (minutes) E15-1 Compensated absences. Moderate 25-30 E15-2 Compensated absences. Moderate 25-30 E15-3 Payroll tax entries. Simple 10-15 E15-4 Payroll tax entries. Simple 15-20 E15-5 Issuance and exercise of stock options. Moderate 15-25 E15-6 Issuance, exercise, and termination of stock options. Moderate 15-25 E15-7 Issuance, exercise, and termination of stock options. Moderate 20-30 E15-8 Computation of pension expense and journal entries. Simple 5-10 E15-9 Computation of pension expense. Simple 10-15 E15-10 Preparation of pension work sheet with reconciliation. Moderate 15-25 E15-11 Basic pension work sheet. Simple 10-15 E15-12 Basic pension work sheet. Moderate 15-25 E15-13 Disclosures: Pension expense and reconciliation schedule. Moderate 25-35 P15-1 Payroll tax entries. Moderate 20-30 P15-2 Payroll tax entries. Simple 20-25 P15-3 Stock option plan. Moderate 30-35 P15-4 Two-year work sheet and reconciliation schedule. Moderate 40-50 P15-5 Pension expense, journal entries. Complex 40-50 P15-6 Comprehensive 2-year work sheet. Moderate 30-40 C13-1 Stock compensation plans. Moderate 25-30 C13-2 Pension plan termination Moderate 25-30 C13-3 Postretirement healthcare benefits Moderate 20-25
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15-3 ANSWERS TO QUESTIONS 1. Compensated absences are employee absences such as vacation, illness, and holidays for which it is expected that employees will be paid. 2. A liability should be accrued for the cost of compensated absences if all of the following conditions are met: (a) The employer’s obligation relating to employees’ rights to receive compensation for future absences is attributable to employees’ services already rendered. (b) The obligation relates to employees’ rights that vest or accumulate. (c) Payment of the compensation is probable. (d) The amount can be reasonably estimated. If an employer meets conditions (a), (b), and (c), but does not accrue a liability because of failure to meet condition (d), that fact should be disclosed. 3. An employer is required to accrue a liability for “sick pay” that employees are allowed to accumulate and use as compensated time off even if their absence is not due to illness. An employer is permitted but not required to accrue a liability for sick pay that employees are allowed to claim only as a result of actual illness.
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CH 15 - CHAPTER 15 Accounting for Compensation ASSIGNMENT...

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