McCall Company has a defined benefit pension plan. The
following data relate to the operation of the plan for 2015.
Prepare a pension worksheet and the journal entry to record the
pension expense for 2015.
Plan assets (fair value), 1/1
Below are the comparative balance sheet and other selected
information of Pearson Company during 2015. Prepare a statement
of cash flows for 2015 using the indirect method.
Comparative Balance Sheet
Chapter 21 Leases
Current GAAP: Capitalize a lease that is non-cancelable and is
like a purchase/sale (i.e., transfers substantially most of the
benefits and risks of ownership)
Advantages of leasing: flexible, cheaper financing, no down
Chapter 13 Current Liabilities and Contingencies
Liabilities: Probable future sacrifices of economic benefits due
to present obligations of a particular entity arising from past
transactions or events
Pension plan: Liability?
A lawsuit on which I hav
Ch 20 Pensions
Defined Contribution Plan
Pension plan defines contribution amounts. Accounting is
Defined Benefit Plan
Pension plan specifies benefits: accounting is complex.
1. There are three pension-related balance-
Chapter 6 Time Value of Money
Single-sum (One time cash flow: value at a given point in time)
(1) Future value of $1 with n periods:
(1 i) n
Moving to the right by n periods
(increases because accrued interest accumulates)
(2) Present value of
Homework 1, Spring 2017, 311, Kim
Prepare the journal entries for Lynch Company for the
following events and transactions or answer the question.
Lynchs shares have par value $1. If no journal entry is
needed, write no journal entry.
A. In 2015 Company
Homework 2, Spring 2017, 311, Kim
1. Answer the following questions.
A. On 10/1/13 Clarkson Company issued 5-year, 8%, $600,000 bonds
with an effective yield of 6%. Interest is paid on 9/30
annually. The company repurchased the entire bonds on 5/30/16
1. Prepare journal entries for Kyle Company to record the
following events or transactions. Kyles common stock has par
cash. At that time Paidin Capital from Treasury Stock h
Homework 3, Spring 2017, 311, Kim
1. The following is a noncancelable lease. The ownership is
4/1/14 which had an effective yield of 10%. The bonds pay
intereston3/31annually. Thecompanyboughtback theentire
bondson1/31/17 for$1,560,000cash. PhilSimmsCompanyuses
Homework 4, spring 2017, 311, Kim
1. Greenberg Company has a defined benefit pension plan. The
FTODIEI' 14-1 GI-ES EXCHBHQEU TDT $553133; UHKHDWT'I WET-ZINE YET-E LLU'I4-J]
At the beginning at the year. Lambert lubtcrs issued the three nctes described hem. Interest is paid at
year-encl.IIFI.|'I:1'f1.F"tIr at 1. FHAcfE'I. PIt'Acf i1. WADcfE'I and WA
Prcblern 14-1? Ea riy extingulahmEnt [LOW-5]
The lung-tetrn liabilityI aecllcn at Eastern Peat Ccrpcrabcnb balance sheet as of December 31. 21312.
included Ibib bends having a face amount cf 54!] mllllcn and a remaining premium of IE million. On
Firs-bier 144 Band amortizatic-n scheduie M142]
Uri January 1. 2013. Tennsssea Harvester Corporalinn Issued debsntura tennis that pay Interest
semiannually on June 30 and Dammher 31. Portions of 01s bend amsrlization scheduls appsar bsinw:
Exercise 6-21 Concepts; terminology [LO6-1, 6-2, 6-3, 6-5]
Listed below are several terms and phrases associated with concepts discussed in the chapter. Pair each item from Lis
item from List B that is most appropriately associated with it.