Primer on using excel in accounting by rex a

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Primer on Using Excel in Accounting by Rex A Schildhouse P20-1 (2-Year Worksheet) On January 1, 2012, Harrington Company has the following defined benefit pension plan balances. (a) Prepare a pension worksheet for the pension plan for 2012 and 2013. Annual Pension Expense OCI - Prior Service Cost OCI - Gain/Loss Pension Asset/ Liability Projected Benefit Obligation Plan Assets (b) For 2013, prepare the journal entry to record pension-related amounts.
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557c0beb4507c9ce94fb59aca03a9d3bc170fc55.xlsx, Problem 20-4 Solution, Page 7 of 8, 03/29/2012, 01:32:39 Name: Solution Date: Instructor: Course: 2012 2013 Plan assets (fair value), December 31 $699,000 $849,000 Projected benefit obligation, January 1 700,000 800,000 Pension asset/liability, January 1 (140,000) ? Prior service cost, January 1 250,000 240,000 Service cost 60,000 90,000 Actual and expected return on plan assets 24,000 30,000 Amortization of prior service cost 10,000 12,000 Contributions (funding) 115,000 120,000 Accumulated benefit obligation, December 31 500,000 550,000 Interest/settlement rate 9% 9% Instructions: Computation of pension expense: 2012 2013 Service cost $60,000 $90,000 Interest cost [($700,000 × 9% and ($800,000 × 9%)] 63,000 72,000 Expected return on plan assets (24,000) (30,000) Amortization of prior service cost 10,000 12,000 Pension expense $109,000 $144,000 2012 Pension Asset/Liability 39,000 Pension Expense 109,000 Other Comprehensive Income (PSC) 10,000 Other Comprehensive Income (G/L) 23,000 Cash 115,000 2013 Pension Expense 144,000 Cash 120,000 Pension Asset/Liability 12,000 Other Comprehensive Income (PSC) 12,000 Intermediate Accounting , 14 th Edition by Kieso, Weygandt, and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse P20-4 (Pension Expense, Journal Entries for 2 Years) Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2012 and 2013. (a) Compute pension expense for 2012 and 2013. (b) Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years.
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557c0beb4507c9ce94fb59aca03a9d3bc170fc55.xlsx, Problem 20-4, Page 8 of 8, 03/29/2012, 01:32:39 Name: Date: Instructor: Course: 2012 2013 Plan assets (fair value), December 31 $699,000 $849,000 Projected benefit obligation, January 1 700,000 800,000 Pension asset/liability, January 1 (140,000) ? Prior service cost, January 1 250,000 240,000 Service cost 60,000 90,000 Actual and expected return on plan assets 24,000 30,000 Amortization of prior service cost 10,000 12,000 Contributions (funding) 115,000 120,000 Accumulated benefit obligation, December 31 500,000 550,000 Interest/settlement rate 9% 9% Instructions: Computation of pension expense: 2012 2013 Service cost Amount Amount Interest cost Formula Amount Expected return on plan assets Amount Amount Amortization of prior service cost Amount Amount Pension expense Formula Formula 2012 Pension Asset/Liability Amount Pension Expense Amount Other Comprehensive Income (PSC) Amount Other Comprehensive Income (G&L) Amount Cash Amount 2013 Pension Expense Amount Cash Amount Pension Asset/Liability Amount Other Comprehensive Income (PSC) Amount Intermediate Accounting , 14 th Edition by Kieso, Weygandt, and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse P20-4 (Pension Expense, Journal Entries for 2 Years) Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2012 and 2013. (a) Compute pension expense for 2012 and 2013. (b) Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years.
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