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Distinguish between accounting for the employer’s pension plan and accounting for the pension fund. Identify types of pension plans and their characteristics. Explain measures for valuing the pension obligation. Identify amounts reported in financial statements. Use a worksheet for employer’s pension plan entries. Explain the accounting for p...

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Projected benefit obligation, 1/1/12 (before amendment) $560,000 Plan assets, 1/1/12 546,200 Pension liability 13,800 On January 1, 2012, Rydell Corp., through plan amendment, grants prior service benefits having a present value of 120,000 Settlement rate 9% Service cost 58,000 Contributions (funding) 65,000 Actual (expected) return on pla...

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Deferred Tax Asset Illustration: Hunt makes the following entry at the end of 2013 to record income taxes. Income Tax Expense 160,000 Deferred Tax Asset 20,000 Income Tax Payable

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In order to know how much is owed by credit customers, separate accounts can be used for each one. All accounts for credit customers can be placed in the Accounts Receivable ledger. Accounts Receivable ledgers are known as subsidiary ledgers.

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Illustration: Chelsea, Inc. reported revenues of $130,000 and expenses of $60,000 in each of its first three years of operations. For tax purposes, Chelsea reported the same expenses to the IRS in each of the years. Chelsea reported taxable revenues of $100,000 in 2015, $150,000 in 2016, and $140,000 in 2017. What is the effect on the accounts of r...

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The Cash Payments journal has five money columns. All credits are entered in the last two money columns. The purchases discount credit column is used to record any purchases discounts taken. The Cash Credit column is used to record the amount of cash payment in each transaction.

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Deposit Method Seller reports the cash received from the buyer as a deposit on the contract and classifies it on the balance sheet as a liability. The seller does not recognize revenue or income until the sale is complete.

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Two types of warranties to customers: Product meets agreed-upon specifications in contract at time product is sold. Warranty is included in sales price (assurance-type warranty). Not included in sales price of product (service-type warranty). Recorded as a separate performance obligation.

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Debt investments are characterized by contractual payments on specified dates of principal and interest on the principal amount outstanding. Companies measure debt investments at amortized cost or fair value.

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The cash receipts journal is a special journal in which all of business’s cash receipts transactions can be recorded in chronological order. The use of a cash receipts journal makes an accounting system more efficient. The cash receipts journal usually has several special money columns that simplify the recording of routine entries.

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