S Corporation Pension Plan Asset on Balance Sheet??

[SFBOB]

Pension plan contribution was deducted in 2007 and funded in 2008.
The balance sheet was not set up in 2007 to show this entry. My question is, does the full amount of the plan show as an asset on the balance sheet.
The value is that of the employees, however not available to them until fully vested.2007 was the first year that the plan was funded.
It seems the correct entry in 2007 would be Pension expense an accounts payable entry. Thanks for your thoughts, Bob

[Corduroy Frog]

No Effect

If I understand your post, the S corporation contributes to a pension plan or 401k for its employees, not for itself. Maybe I've misunderstood.

I don't think the pension plan belongs to the S corp, and as such should not be shown anywhere on the balance sheet. Most likely it would be shown on the books of the custodian, and held in trust for employees.

There might be an estimated liability if the corp is involved in a defined benefit plan, but this would not be to any given creditor. It would be a reserve established by the corporation to estimate future economic events.

[SFBOB]

C Frog Thanks

I agree, my brain must have been out to lunch. Sure there is a custodian of the plan. Just like my IRA accounts.I guess it is time to retire, I hit 79 last month.
I play poker with a few old timers every other week. They often say to me [ YOUR STILL WORKING???] I will go and look in the mirror and say to myself [YOUR STILL WORKING???] Thanks a bunch Bob

[Corduroy Frog]

Hats Off

...to you for what must be a long and gratifying career. I hope I am as cogent as yourself if I am permitted to come to that age.

Stay working as long as you can and don't listen to your friends.

[SFBOB]

Thanks Frog

A little some thing of interest. I have a mother 101 years old still living alone in a retirement home. She takes care of all her personal needs each day. I live about 5 miles away and see her at least 2 times a week.We play a little card game called Kings in The Corner; she beats me on a regular basis.Thanks for your kind words.Regards To All Bob

[JohnH]

So, Bob, how about giving us a few tips on how to stay healthy & live long?

And don't start with what my doctor always says "Be sure you get born with the right genetic makeup." You've already established that fact.

[SFBOB]

Health Tips???

The best tip for today is. Drive slow and save your money. Thanks for your kind words John. Regards Bob