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Wiley CPA Exam Review 2013 Financial Accounting And Reporting 10th Edition O. Ray Whittington - Solutions

In the long-term liabilities section of its balance sheet at December 31, year 1, Mene Co. reported a capital lease obligation of $75,000, net of current portion of $1,364. Payments of $9,000 were made on both January 2, year 2, and January 2, year 3. Mene’s incremental borrowing rate on the date
On December 31, year 1, Roe Co. leased a machine from Colt for a five-year period. Equal annual payments under the lease are $105,000 (including $5,000 annual executory costs) and are due on December 31 of each year. The first payment was made on December 31, year 1, and the second payment was made
Oak Co. leased equipment for its entire nine-year useful life, agreeing to pay $50,000 at the start of the lease term on December 31, year 1, and $50,000 annually on each December 31 for the next eight years. The present value on December 31, year 1, of the nine lease payments over the lease term,
On December 30, year 1, Rafferty Corp. leased equipment under a capital lease. Annual lease payments of $20,000 are due December 31 for ten years. The equipment’s useful life is ten years, and the interest rate implicit in the lease is 10%. The capital lease obligation was recorded on December
On January 1, year 1, Babson, Inc. leased two automobiles for executive use. The lease requires Babson to make five annual payments of $13,000 beginning January 1, year 1. At the end of the lease term, December 31, year 5, Babson guarantees the residual value of the automobiles will total $10,000.
East Company leased a new machine from North Company on May 1, year 1, under a lease with the following information:Lease term 10 years Annual rental payable at beginning of each lease year $40,000 Useful life of machine 12 years Implicit interest rate 14% Present value of an annuity of one in
Neal Corp. entered into a nine-year capital lease on a warehouse on December 31, year 1. Lease payments of $52,000, which includes real estate taxes of $2,000, are due annually, beginning on December 31, year 2, and every December 31 thereafter. Neal does not know the interest rate implicit in the
Robbins, Inc. leased a machine from Ready Leasing Co. The lease qualifies as a capital lease and requires ten annual payments of $10,000 beginning immediately. The lease specifies an interest rate of 12% and a purchase option of $10,000 at the end of the tenth year, even though the machine’s
On January 1, year 1, Day Corp. entered into a ten-year lease agreement with Ward, Inc. for industrial equipment. Annual lease payments of $10,000 are payable at the end of each year. Day knows that the lessor expects a 10% return on the lease. Day has a 12% incremental borrowing rate. The
On December 31, year 1, Day Co. leased a new machine from Parr with the following pertinent information:Lease term 6 years Annual rental payable at beginning of each year $50,000 Useful life of machine 8 years Day’s incremental borrowing rate 15% Implicit interest rate in lease (known by Day) 12%
Lease M does not contain a bargain purchase option, but the lease term is equal to 90% of the estimated economic life of the leased property. Lease P does not transfer ownership of the property to the lessee at the end of the lease term, but the lease term is equal to 75% of the estimated economic
In a lease that is recorded as a sales-type lease by the lessor, interest revenuea. Should be recognized in full as revenue at the lease’s inception.b. Should be recognized over the period of the lease using the straight-line method.c. Should be recognized over the period of the lease using the
The excess of the fair value of leased property at the inception of the lease over its cost or carrying amount should be classified by the lessor asa. Unearned income from a sales-type lease.b. Unearned income from a direct-financing lease.c. Manufacturer’s or dealer’s profit from a sales-type
Howe Co. leased equipment to Kew Corp. on January 2, year 1, for an eight-year period expiring December 31, year 8. Equal payments under the lease are $600,000 and are due on January 2 of each year. The first payment was made on January 2, year 1. The list selling price of the equipment is
Peg Co. leased equipment from Howe Corp. on July 1, year 1 for an eight-year period expiring June 30, year 9. Equal payments under the lease are $600,000 and are due on July 1 of each year. The first payment was made on July 1, year 1. The rate of interest contemplated by Peg and Howe is 10%. The
On January 1, year 1, JCK Co. signed a contract for an eight-year lease of its equipment with a ten-year life. The present value of the sixteen equal semiannual payments in advance equaled 85% of the equipment’s fair value. The contract had no provision for JCK, the lessor, to give up legal
Glade Co. leases computer equipment to customers under direct-financing leases. The equipment has no residual value at the end of the lease and the leases do not contain bargain purchase options. Glade wishes to earn 8% interest on a five-year lease of equipment with a fair value of $323,400. The
A lessee incurred costs to construct office space in a leased warehouse. The estimated useful life of the office is ten years. The remaining term of the nonrenewable lease is fifteen years. The costs should bea. Capitalized as leasehold improvements and depreciated over fifteen years.b. Capitalized
During January year 1, Vail Co. made long-term improvements to a recently leased building. The lease agreement provides for neither a transfer of title to Vail nor a bargain purchase option. The present value of the minimum lease payments equals 85% of the building’s market value, and the lease
On January 1, year 1, Nobb Corp. signed a twelve-year lease for warehouse space. Nobb has an option to renew the lease for an additional eight-year period on or before January 1, year 5. During January year 3, Nobb made substantial improvements to the warehouse. The cost of these improvements was
On January 2, year 1, Ral Co. leased land and building from an unrelated lessor for a ten-year term. The lease has a renewal option for an additional ten years, but Ral has not reached a decision with regard to the renewal option. In early January of year 1, Ral completed the following improvements
Star Co. leases a building for its product showroom. The ten-year nonrenewable lease will expire on December 31, year 11. In January year 6, Star redecorated its showroom and made leasehold improvements of $48,000. The estimated useful life of the improvements is eight years. Star uses the
On December 1, year 1, Clark Co. leased office space for five years at a monthly rental of $60,000. On the same date, Clark paid the lessor the following amounts:First month’s rent $ 60,000 Last month’s rent 60,000 Security deposit (refundable at lease expiration) 80,000 Installation of new
A twenty-year property lease, classified as an operating lease, provides for a 10% increase in annual payments every five years. In the sixth year compared to the fifth year, the lease will cause the following expenses to increase Rent Interesta. No Yesb. Yes Noc. Yes Yesd. No No E.2.d.(1)(e)
On January 1, year 1, Mollat Co. signed a seven-year lease for equipment having a ten-year economic life. The present value of the monthly lease payments equaled 80% of the equipment’s fair value. The lease agreement provides for neither a transfer of title to Mollat nor a bargain purchase
On July 1, year 1, South Co. entered into a ten-year operating lease for a warehouse facility. The annual minimum lease payments are $100,000. In addition to the base rent, South pays a monthly allocation of the building’s operating expenses, which amounted to $20,000 for the year ended June 30,
On January 1, year 1, Park Co. signed a ten-year operating lease for office space at $96,000 per year. The lease included a provision for additional rent of 5% of annual company sales in excess of $500,000. Park’s sales for the year ended December 31, year 1, were $600,000. Upon execution of the
As an inducement to enter a lease, Arts, Inc., a lessor, grants Hompson Corp., a lessee, nine months of free rent under a five-year operating lease. The lease is effective on July 1, year 1 and provides for monthly rental of $1,000 to begin April 1, year 2. In Hompson’s income statement for the
Quo Co. rented a building to Hava Fast Food. Each month Quo receives a fixed rental amount plus a variable rental amount based on Hava’s sales for that month. As sales increase so does the variable rental amount, but at a reduced rate. Which of the following curves reflects the monthly rentals
As an inducement to enter a lease, Graf Co., a lessor, granted Zep, Inc., a lessee, twelve months of free rent under a five-year operating lease. The lease was effective on January 1, year 1, and provides for monthly rental payments to begin January 1, year 2. Zep made the first rental payment on
On January 1, year 1, Glen Co. leased a building to Dix Corp. under an operating lease for a ten-year term at an annual rental of $50,000. At inception of the lease, Glen received $200,000 covering the first two years’ rent of $100,000 and a security deposit of $100,000. This deposit will not be
On July 1, year 1, Gee, Inc. leased a delivery truck from Marr Corp. under a three-year operating lease. Total rent for the term of the lease will be $36,000, payable as follows:12 months at $ 500 = $ 6,000 12 months at $ 750 = 9,000 12 months at $1,750 = 21,000 All payments were made when due. In
On January 1, year 1, Wren Co. leased a building to Brill under an operating lease for ten years at $50,000 per year, payable the first day of each lease year. Wren paid $15,000 to a real estate broker as a finder’s fee. The building is depreciated $12,000 per year. For year 1, Wren incurred
Wall Co. leased office premises to Fox, Inc. for a five-year term beginning January 2, year 1. Under the terms of the operating lease, rent for the first year is $8,000 and rent for years two through five is $12,500 per annum. However, as an inducement to enter the lease, Wall granted Fox the first
Rapp Co. leased a new machine to Lake Co. on January 1, year 1. The lease is an operating lease and expires on January 1, year 6. The annual rental is $90,000. Additionally, on January 1, year 1, Lake paid $50,000 to Rapp as a lease bonus and $25,000 as a security deposit to be refunded upon
Utter Corporation uses IFRS for financial reporting purposes and has several pension plans covering various classes of employees. When may the company net assets and liabilities of the various plans?a. Assets and liabilities may always be netted.b. Assets and liabilities may be netted when there is
Which of the following methods is used in IFRS to account for defined benefit pension plans?a. Projected-unit-credit method.b. Benefit-years-of-service method.c. Accumulated benefits method.d. Vested years of service method.
Which of the following information should be disclosed by a company providing health care benefits to its retirees?I. The assumed health care cost trend rate used to measure the expected cost of benefits covered by the plan.II. The accumulated postretirement benefit obligation.a. Both I and II.b. I
Which of the following are correct regarding a transition obligation resulting from the adoption of a defined benefit postretirement plan?I. A transition obligation may be recognized immediately.II. The transition obligation represents the difference between the accumulated postretirement benefit
An employer’s obligation for postretirement health benefits that are expected to be provided to or for an employee must be fully accrued by the date thea. Employee is fully eligible for benefits.b. Employee retires.c. Benefits are utilized.d. Benefits are paid.
Bounty Co. provides postretirement health care benefits to employees who have completed at least ten years service and are aged fifty-five years or older when retiring. Employees retiring from Bounty have a median age of sixty-two, and no one has worked beyond age sixty-five. Fletcher is hired at
Kemp Company provides a defined benefit postretirement plan for its employees. Kemp adopted the plan on January 1, year 1. Data relating to the pension plan for year 2 are as follows:Service cost for year 2 28,000 Interest on the accumulated postretirement benefit obligation 5,000 Amortization of
The following information pertains to Foster Co.’s defined benefit postretirement plan for the year 2.Service cost $120,000 Benefit payment 55,000 Interest on the accumulated postretirement benefit obligation 20,000 Unrecognized transition obligation (to be amortized over twenty years) 200,000
A company with a defined benefit pension plan must disclose in the notes to its financial statements all of the following excepta. The funded status of its pension plan with the amounts recognized in the balance sheet showing separately the noncurrent assets, current liabilities, and noncurrent
The effects of a one-percentage-point increase or decrease in the trend rates for health care costs must be disclosed for which of the following relating to defined benefit postretirement plans?I. The aggregate of the service and interest cost components.II. The accumulated postretirement benefit
Jan Corp. amended its defined benefit pension plan, granting a total credit of $100,000 to four employees for services rendered prior to the plan’s adoption. The employees, A, B, C, and D, are expected to retire from the company as follows:A will retire after three years.B and C will retire after
Which of the following rates must be disclosed for defined benefit pension plans?I. Assumed discount rate.II. Expected long-term rate of return on all of the employer’s assets.III. Rate of compensation increase.a. I and III.b. II and III.c. I, II, and III.d. III only.
Which of the following is not a required disclosure for defined benefit pension plans?a. An explanation of a significant change in plan assets if not apparent from other disclosures.b. The amount of any unamortized prior service cost or credit not recognized in the statement of financial position
Which of the following defined benefit pension plan disclosures should be made in a company’s financial statements?I. The amount of net periodic pension cost for the period.II. The fair value of plan assets.a. Both I and II.b. I only.c. II only.d. Neither I nor II.
Which of the following items would appear in the reconciliation schedule related to defined benefit pension plans?Benefit payments Actual return on plan assetsa. No Yesb. No Noc. Yes Nod. Yes Yes
A company with a defined benefit pension plan must disclose in the notes to its financial statementsa. A reconciliation of the vested and nonvested benefit obligation of its pension plan with the accumulated benefit obligation.b. A reconciliation of the accrued or prepaid pension cost reported in
The Codification requires a reconciliation of the beginning and ending balances of the benefit obligation for both defined benefit pension plans and defined postretirement plans. Which of the following items would appear in the schedule related to defined benefit pension plans?Service cost Benefits
On September 1, year 2, Howe Corp. offered special termination benefits to employees who had reached the early retirement age specified in the company’s pension plan. The termination benefits consisted of lump-sum and periodic future payments. Additionally, the employees accepting the company
Tulip Corporation, a publicly traded company, implemented a defined benefit pension plan for its employees on January 2, year 1. The following data are provided for year 3 and as of December 31, year 3:Projected benefit obligation $700,000 Accumulated benefit obligation 550,000 Plan assets at fair
Rose Corporation, a publicly traded company, implemented a defined benefit pension plan for its employees on January 2, year 1. The following data are provided for year 2 and as of December 31, year 2:Projected benefit obligation $400,000 Accumulated benefit obligation 360,000 Plan assets at fair
Dawson Corporation, a publicly traded company, implemented a defined benefit pension plan for its employees on January 2, year 1. The following data are provided for year 3 and as of December 31, year 3:Projected benefit obligation $350,000 Accumulated benefit obligation 320,000 Plan assets at fair
Claire, a publicly traded company, has the following defined benefit pension plans with the following information as of December 31, year 2:Assume Claire will make no payments within the next 24 months to any pension plan. How should Claire report the pension plans on the December 31, year 2
An employer sponsoring a defined benefit pension plan must report a liability on the balance sheet equal toa. The current year pension cost that was not funded.b. The difference between the fair value of plan assets less the accumulated benefit obligation.c. The difference between the accumulated
In its December 31, year 2 statement of stockholders’ equity, what amount should Hall report as accumulated other comprehensive income for pension liabilities before tax effects?a. $ 5,000b. $13,000c. $17,000d. $25,000
At December 31, year 2, what amount should Hall record as pension liability on the balance sheet?a. $ 5,000b. $13,000c. $17,000d. $25,000
Payne, Inc., a nonpublicly traded company, implemented a defined benefit pension plan for its employees on January 2, year 2. The following data are provided for year 2, as of December 31, year 2:Projected benefit obligation $103,000 Plan assets at fair value 78,000 Net periodic pension cost 90,000
Nome Co. sponsors a defined benefit plan covering all employees. Benefits are based on years of service and compensation levels at the time of retirement. Nome determined that, as of September 30, year 2, its accumulated benefit obligation was $380,000, and its plan assets had a $290,000 fair
At December 31, year 2, the following information was provided by the Kerr Corp. pension plan administrator:Fair value of plan assets $3,450,000 Accumulated benefit obligation 4,300,000 Projected benefit obligation 5,700,000 Assume Kerr is a publicly traded company. What is the amount of the
For a defined benefit pension plan, the discount rate used to calculate the projected benefit obligation is determined by the Expected return on plan assets Actual return on plan assetsa. Yes Yesb. No Noc. Yes Nod. No Yes
Which of the following terms includes assumptions concerning projected changes in future compensation when the pension benefit formula is based on future compensation levels (e.g., pay-related and final pay plans)?
The following information pertains to Seda Co.’s pension plan:Actuarial estimate of projected benefit obligation at 1/1/Y2 $72,000 Assumed discount rate 10% Service costs for year 2 18,000 Pension benefits paid during year 2 15,000 If no change in actuarial estimates occurred during year 2,
A company that maintains a defined benefit pension plan for its employees reports an unfunded pension liability. This cost represents the amount that thea. Cumulative net periodic cost accrued exceeds contributions to the plan.b. Cumulative net periodic cost exceeds the vested benefit obligation.c.
Effective January 1, year 2, Flood Co. established a defined benefit pension plan with no retroactive benefits. The first of the required equal annual contributions was paid on December 31, year 2. A 10% discount rate was used to calculate service cost and a 10% rate of return was assumed for plan
On July 31, year 2, Tern Co. amended its single employee defined benefit pension plan by granting increased benefits for services provided prior to year 2. This prior service cost will be reflected in the financial statement(s) fora. Years before year 2 only.b. Year 2 only.c. Year 2, and years
Interest cost included in the net pension cost recognized by an employer sponsoring a defined benefit pension plan represents thea. Amortization of the discount on unrecognized prior service costs.b. Increase in the fair value of plan assets due to the passage of time.c. Increase in the projected
Which of the following components should be included in the calculation of net pension cost recognized for a period by an employer sponsoring a defined benefit pension plan?Actual return on plan assets, if any Amortization of unrecognized prior service cost, if anya. No Yesb. No Noc. Yes Nod. Yes
Visor Co. maintains a defined benefit pension plan for its employees. The service cost component of Visor’s net periodic pension cost is measured using thea. Unfunded accumulated benefit obligation.b. Unfunded vested benefit obligation.c. Projected benefit obligation.d. Expected return on plan
Webb Co., a publicly traded company, implemented a defined benefit pension plan for its employees on January 1, year 1. During year 1 and year 2, Webb’s contributions fully funded the plan. The following data are provided for year 4 and year 3:Year 4 Estimated Year 3 Actual Projected benefit
On January 2, year 2, Loch Co. established a noncontributory defined benefit plan covering all employees and contributed $1,000,000 to the plan. At December 31, year 2, Loch determined that the year 2 service and interest costs on the plan were $620,000. The expected and the actual rate of return
Bulls Corporation amends its pension plan on 1/1/Y2. The following information is available:1/1/Y2 amendment 1/1/Y2 after amendment Accumulated benefit obligation $ 950,000 $1,425,000 Projected benefit obligation 1,300,000 1,900,000 The total amount of unrecognized prior service cost to be
Which of the following disclosures is not required of companies with a defined benefit pension plan?a. A description of the plan.b. The amount of pension expense by component.c. The weighted-average discount rate.d. The estimates of future contributions for the next five years.
Jordon Corporation obtains the following information from its actuary. All amounts given are as of 1/1/Y2 (beginning of the year).1/1/Y2 Projected benefit obligation $1,530,000 Market-related asset value 1,650,000 Unrecognized net loss 235,000 Average remaining service period 5.5 years What amount
The following information pertains to Lee Corp.’s defined benefit pension plan for year 2:Service cost $160,000 Actual and expected gain on plan assets 35,000 Unexpected loss on plan assets related to a year 1 disposal of a subsidiary 40,000 Amortization of unrecognized prior service cost 5,000
Casey Corp. entered into a troubled debt restructuring agreement with First State Bank. First State agreed to accept land with a carrying amount of $85,000 and a fair value of $120,000 in exchange for a note with a carrying amount of $185,000. What amount should Casey report as a gain from
On December 31, year 1, Marsh Company entered into a debt restructuring agreement with Saxe Company, which was experiencing financial difficulties. Marsh restructured a $100,000 note receivable as follows:Reduced the principal obligation to $70,000.Forgave $12,000 of accrued interest.Extended the
Grey Company holds an overdue note receivable of $800,000 plus recorded accrued interest of $64,000. The effective interest rate is 8%. As the result of a court-imposed settlement on December 31, year 3, Grey agreed to the following restructuring arrangement:Reduced the principal obligation to
Colt, Inc. is indebted to Kent under an $800,000, 10%, four-year note dated December 31, year 1. Annual interest of $80,000 was paid on December 31, year 2 and year 3. During year 4, Colt experienced financial difficulties and is likely to default unless concessions are made. On December 31, year
On October 15, year 3, Kam Corp. informed Finn Co. that Kam would be unable to repay its $100,000 note due on October 31 to Finn. Finn agreed to accept title to Kam’s computer equipment in full settlement of the note. The equipment’s carrying value was $80,000 and its fair value was $75,000.
What amount should Knob report as a gain (loss) on transfer of real estate?a. $(10,000)b. $0c. $50,000d. $60,000
What amount should Knob report as a gain (loss) on restructuring of payables?a. $(10,000)b. $0c. $50,000d. $60,000
For a troubled debt restructuring involving only a modification of terms, which of the following items specified by the new terms would be compared to the carrying amount of the debt to determine if the debtor should report a gain on restructuring?a. The total future cash payments.b. The present
Grim Corporation reports under IFRS. Grim issued 2,000 $1,000 convertible bonds at par, with an annual interest rate of 6% when the market was 8%. The bonds are due in 5 years and each $1,000 bond is convertible into 3 shares of common stock. At what amount would Grim record the liability component
Under IFRS, issued convertible bonds area. Separated into debt and equity components with the liability component recorded at fair value and the residual assigned to the equity component.b. Always recorded using the fair value option.c. Recorded at face value for the liability along with the
On February 1, year 1, Blake Corporation issued bonds with a fair value of $1,000,000. Blake prepares its financial statements in accordance with IFRS. What methods may Blake use to report the bonds on its December 31, year 1 statement of financial position?I. Amortized cost.II. Fair value
On January 1, year 13, Hart, Inc. redeemed its fifteen-year bonds of $500,000 par value for 102. They were originally issued on January 1, year 1, at 98 with a maturity date of January 1, year 16. The bond issue costs relating to this transaction were $20,000. Hart did not elect the fair value
On January 1, year 1, Fox Corp. issued 1,000 of its 10%, $1,000 bonds for $1,040,000. These bonds were to mature on January 1, year 11 but were callable at 101 any time after December 31, year 4. Interest was payable semiannually on July 1 and January 1. Fox did not elect the fair value option for
On June 30, year 1, King Co. had outstanding 9%, $5,000,000 face value bonds maturing on June 30, year 6. Interest was payable semiannually every June 30 and December 31. King did not elect the fair value option for reporting its financial liabilities. On June 30, year 1, after amortization was
When bonds are issued with stock purchase warrants, a portion of the proceeds should be allocated to paid-in capital for bonds issued with Detachable stock purchase warrants Nondetachable stock purchase warrantsa. No Yesb. No Noc. Yes Nod. Yes Yes B.7. Extinguishment of Debt
Main Co. issued bonds with detachable common stock warrants. Only the warrants had a known market value. The sum of the fair value of the warrants and the face amount of the bonds exceeds the cash proceeds. This excess is reported asa. Discount on bonds payable.b. Premium on bonds payable.c. Common
On March 1, year 1, Evan Corp. issued $500,000 of 10% nonconvertible bonds at 103, due on February 28, year 11. Each $1,000 bond was issued with thirty detachable stock warrants, each of which entitled the holder to purchase, for $50, one share of Evan’s $25 par common stock. On March 1, year 1,
On December 31, year 1, Moss Co. issued $1,000,000 of 11% bonds at 109. Each $1,000 bond was issued with fifty detachable stock warrants, each of which entitled the bondholder to purchase one share of $5 par common stock for $25. Immediately after issuance, the market value of each warrant was $4.
On December 30, year 1, Fort, Inc. issued 1,000 of its 8%, ten-year, $1,000 face value bonds with detachable stock warrants at par. Each bond carried a detachable warrant for one share of Fort’s common stock at a specified option price of $25 per share. Immediately after issuance, the market
Depending on whether the book value method or the market value method was used, Chard would recognize gains or losses on conversion when using the Book value method Market value methoda. Either gain or loss Gainb. Either gain or loss Lossc. Neither gain nor loss Lossd. Neither gain nor loss Gain
On January 2, year 1, cash proceeds from the issuance of the convertible bonds should be reported asa. Contributed capital for the entire proceeds.b. Contributed capital for the portion of the proceeds attributable to the conversion feature and as a liability for the balance.c. A liability for the
On March 31, year 1, Ashley, Inc.’s bondholders exchanged their convertible bonds for common stock. The carrying amount of these bonds on Ashley’s books was less than the market value but greater than the par value of the common stock issued. If Ashley used the book value method of accounting

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