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Question;Gordon Company sponsors a defined benefit pension plan. The following;information related to the pension plan is available for 2012 and 2013. 2012 2013Plan assets (fair value), December 31 $1,041,510 $1,265,010 Projected benefit obligation, January 1 1,043,000 1,192,000 Pension asset/liability, January 1 208,600 Cr. ? Prior service cost, January 1 372,500 357,600 Service cost 89,400 134,100 Actual and expected return on plan assets 35,760 44,700 Amortization of prior service cost 14,900 17,880 Contributions (funding) 171,350 178,800 Accumulated benefit obligation, December 31 745,000 819,500 Interest/settlement rate 8 % 8 %(a) Compute pension expense for 2012 and 2013.Pension expense for 2012 $ Pension expense for 2013 $ CashOther Comprehensive Income (G/L)Other Comprehensive Income (PSC)Pension Asset/LiabilityPension ExpensePostretirement Asset/LiabilityPostretirement ExpenseQuestion 3 A partial trial balance of Dickinson Corporation is as follows on December 31, 2012. Dr. Cr.Supplies $2,095 Salaries and Wages Payable $1,039Interest Receivable 5,388 Prepaid Insurance 90,480 Unearned Rent 0Interest Payable 17,2701. A physical count of supplies on hand on December 31, 2012, totaled $1,214.2.;Through oversight, the Salaries and Wages Payable account was not;changed during 2012. Accrued salaries and wages on December 31, 2012;amounted to $4,786.3. The Interest Receivable account was also left;unchanged during 2012. Accrued interest on investments amounts to;$4,129 on December 31, 2012.4. The unexpired portions of the insurance policies totaled $62,970 as of December 31, 2012.5.;$23,720 was received on January 1, 2012, for the rent of a building;for both 2012 and 2013. The entire amount was credited to Rent Revenue.6. Depreciation for equipment for the year was erroneously recorded as $4,814 rather than the correct figure of $48,140.7.;A further review of depreciation calculations of prior years revealed;that depreciation of $7,178 was not recorded. It was decided that this;oversight should be corrected by a prior period adjustment.(a);Assuming that the books have not been closed, what are the adjusting;entries necessary at December 31, 2012? (Ignore income tax;considerations.) (Credit account titles are automatically indented when;amount is entered. Do not indent manually.)No. Account Titles and Explanation Debit Credit1. 2. 3. 4. 5. 6. 7. (b);Assuming that the books have been closed, what are the adjusting;entries necessary at December 31, 2012? (Ignore income tax;considerations.) (Credit account titles are automatically indented when;amount is entered. Do not indent manually.)No. Account Titles and Explanation Debit Credit1. 2. 3. 4. 5. 6. 7. Question 3Accounts ReceivableAccumulated Depreciation - BuildingsAccumulated Depreciation - EquipmentAccumulated Depreciation - MachineryAllowance for Doubtful AccountsAmortization ExpenseBad Debt ExpenseBuildingsCashCommission ExpenseCommission PayableConstruction in ProcessCopyrightsCost of Goods SoldDealer's Fund ReserveDebt InvestmentsDeferred Tax LiabilityDepreciation ExpenseDividend RevenueDue to CustomerEquipmentEquity InvestmentsEquity Investments (Available-for-sale)Equity Investments (Equity Method)Fair Value AdjustmentFair Value Adjustment (Available-for-Sale)Finance ExpenseGain on Disposal of Plant AssetsGain on Sale of Plant AssetsIncome SummaryInsurance ExpenseInterest ReceivableInterest RevenueInventoryInventory on ConsignmentInventory Over and ShortLawsuit LiabilityLawsuit LossLoss Due to Market Decline of InventoryMachineryMaintenance and Repairs ExpenseNo EntryPrepaid InsuranceRent ReceivableRent RevenueRetained EarningsRevenue from InvestmentSalaries and Wages ExpenseSalaries and Wages PayableSales Commission ExpenseSales Commission Expense PayableSales Commissions PayableSales RevenueSales Tax ExpenseSales Taxes PayableSuppliesSupplies ExpenseTrademarksTrucksUnearned Rent RevenueUnrealized Holding Gain or Loss - EquityUnrealized Holding Gain or Loss - IncomeWarranty ExpenseWarranty LiabilityCould these problems please be answered on an Excel Spreadsheet with the formulas for calculations?

 

Paper#41564 | Written in 18-Jul-2015

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