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Student Notes, Pensions(17)

General journal entri es memo record pension project

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GENERAL JOURNAL ENTRI ES MEMO RECORD Pension Project ed Pension Asset / Benef it Plan I t ems Expense Cash PSC Gain/ Loss Liabilit y Obligat ion Asset s Bal. Dec. 31, 2012 Service cost I nt erest cost Act ual ret urn Unexpect ed loss Amort . of PSC Cont ribut ions Benef it s paid Liabilit y loss Journal ent ry Accumulat ed 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
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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
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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?
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Chapter 20-32 GENERAL JOURNAL ENTRI ES MEMO RECORD Pension Project ed Pension Asset / Benef it Plan I t ems Expense Cash PSC Gain/ Loss Liabilit y Obligat ion Asset s Bal. Dec. 31, 2013 Service cost I nt erest cost Act ual ret urn Amort . of loss Journal ent ry Accumulat ed 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:
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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.
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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
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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  noncurrent asset .  These assets are used to fund the  projected benefit obligation, and therefore noncurrent classification is  appropriate. The current portion of a net pension liability represents the amount of  benefit payments to be paid in the next 12 months (or operating cycle, if  longer).  Reporting Pension Plans in Financial Reporting Pension Plans in Financial Statements Statements Reporting Pension Plans in Financial Reporting Pension Plans in Financial Statements Statements
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Chapter 20-36 Within the Financial Statements Aggregation of Pension Plans All overfunded plans should be combined and shown as a  pension asset on the balance sheet. 
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