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Student Notes, Pensions(17)

Chapter 20-27 general journal entri es memo record

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Unformatted text preview: Chapter 20-27 GENERAL JOURNAL ENTRI ES MEMO RECORD Pension Projected Pension Asset / Benefit Plan I tems Expense Cash PSC Gain/ Loss Liability Obligation Assets Bal. Jan. 1, 2012 Additional PSC, 1/ 1/ 2012 Bal. Jan. 1, 2012 Service cost I nt erest cost Act ual return Amort. of PSC Contributions Benefits paid Journal entry Accumulated OCI , Dec. 31, 2011 Dec. 31, 2012 OCI Using a Pension Work Sheet Using a Pension Work Sheet Using a Pension Work Sheet Using a Pension Work Sheet Pension Work Sheet for 2012 Chapter 20-28 Using a Pension Work Sheet Using a Pension Work Sheet Using a Pension Work Sheet Using a Pension Work Sheet Pension Journal Entry for 2012 Chapter 20-29 GENERAL JOURNAL ENTRI ES MEMO RECORD Pension Projected Pension Asset / Benefit Plan I tems Expense Cash PSC Gain/ Loss Liability Obligation Assets Bal. Dec. 31, 2012 Service cost I nterest cost Actual return Unexpected loss Amort. of PSC Contributions Benefits paid Liability loss Journal entry Accumulated OCI , Dec. 31, 2012 Dec. 31, 2013 OCI Using a Pension Work Sheet Using a Pension Work Sheet Using a Pension Work Sheet Using a Pension Work Sheet Pension Work Sheet for 2013 Chapter 20-30 Using a Pension Work Sheet Using a Pension Work Sheet Using a Pension Work Sheet Using a Pension Work Sheet Pension Journal Entry for 2013 Chapter 20-31 Using a Pension Worksheet Using a Pension Worksheet Using a Pension Worksheet Using a Pension Worksheet (Variation) (Variation) Would there be any amortization of the gain/loss for 2014? Chapter 20-32 GENERAL JOURNAL ENTRI ES MEMO RECORD Pension Projected Pension Asset / Benefit Plan I tems Expense Cash PSC Gain/ Loss Liability Obligation Assets Bal. Dec. 31, 2013 Service cost I nt erest cost Actual return Amort. of loss Journal entry Accumulated OCI , Dec. 31, 2013 Dec. 31, 2014 OCI Using a Pension Work Sheet Using a Pension Work Sheet Using a Pension Work Sheet Using a Pension Work Sheet Partial Pension Work Sheet for 2014 The amortization would be reported in 2014 as follows: The amortization would be reported in 2014 as follows: Chapter 20-33 Companies do not recognize two main items in the accounts and in the financial statements: Pension Items Not Recognized Pension Items Not Recognized Pension Items Not Recognized Pension Items Not Recognized Some items are recognized in other comprehensive income; changes in these items are amortized into expense through smoothing techniques. Prior service costs. Actuarial gains and losses. A company must disclose in notes to the financial statements, but not in the body of the financials. Projected benefit obligation. Pension plan assets. Chapter 20-34 Within the Financial Statements Reporting Pension Plans in Financial Reporting Pension Plans in Financial Statements Statements Reporting Pension Plans in Financial Reporting Pension Plans in Financial Statements Statements Chapter 20-35 Within the Financial Statements Classification of Pension Asset or Pension Liability The excess of the fair value of the plan assets over the benefit obligation is classified as a...
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Chapter 20-27 GENERAL JOURNAL ENTRI ES MEMO RECORD Pension...

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