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financial reporting and analysis
Financial Reporting And Analysis 4th Edition Lawrence Revsine, Daniel Collins - Solutions
Puhlman Inc. provides a defined benefit pension plan to its employees. It uses a market-related (smoothed) value to compute its expected return. Additional information follows:During 2008, the PBO increased by $33,000 due to a decrease in the discount rate from the previous year. The 2007 discount
You have the following information related to Chalmers Corporation's pension plan:1. Defined benefit, noncontributory pension plan.2. Plan initiation, January 1, 2008 (no credit given for prior service).3. Retirement benefits paid at year-end with the first payment one year after retirement.4.
Assume that the pension benefit formula of ABC Corporation calls for paying a pension benefit of \($250\) per year for each year of service with the company plus 50% of the projected last year’s salary at retirement. Payments begin one year after the employee attains the age of 65 and are paid
Assume the same facts for ABC Corporation as in P14-5 with the following exceptions:• Assume both that ABC fully funds the estimated PBO on January 1, 2008 and that invested funds earn an actual return of 12% in 2008.• Suppose that in addition to funding the estimated PBO on January 1, 2008,
On January 1, 2008, Magee Corporation started doing business by hiring R. Walker as an em- ployee at an annual salary of \($50,000\), with an annual salary increment of \($10,000\). Based on his current age and the company's retirement program, Walker is required to retire at the end of the year in
Use the same set of facts as in P14-7. In addition, assume that based on ERISA rules, Magee Corporation must contribute the following amounts to the pension fund:Magee intends to fund the pension plan only to extent required by ERISA rules. Assume that the contributions to the pension fund earn
The following information is based on an actual annual report. Different names and years are being used. Bond and some of Green's subsidiaries provide certain postretirement medical, dental, and vi- sion care and life insurance for retirees and their dependents and for the surviving dependents of
The following information pertains to the pension plan of Beatty Business Group:Note that the information in Columns (2) and (3) are as of the beginning of the year, whereas the information in Column (4) is measured over the year.The AOCI—net actuarial (gain) loss at the end of 2008 was
The following is the funded status of the pension plan of McKeown Consulting Company at December 31, 2007:The service costs for 2008 and 2009 were \($125,000\) and \($145,000\), respectively. During the years 2008 and 2009, the pension fund's actual earnings were \($100,000\) and \($64,740\),
The following information on postretirement benefit obligations is excerpted from Ordonez Corporation's Form 10-K for the fiscal year ending June 30, 2008. (This is a real company whose name has been disguised.)Required:1. Provide the journal entry to record all transactions pertaining to the OPEB
Compute the PBO related to Schaefer’s benefits as of January 1, 2008.
At December 31, 2008, Kerr Corporation’s pension plan administrator provided the followinginformation:Required:What amount of the pension liability should be shown on Kerr’s December 31, 2008 balancesheet? Fair value of plan assets Accumulated benefit obligation Projected benefit obligation
The following is adapted from the 2003 financial statements of the Mandalay Resort Group, one of the largest hotel/casino operators in the United States. The components of the provision for income taxes in fiscal years ended January 31, 2003, 2002, and 2001 were as follows:The income tax effects of
Edited excerpts from Sara Lee Corporation’s Year 2 tax footnote follow:Current and deferred tax provisions (benefits) were:The following are components of the deferred tax (benefit) provisions occurring as a result of transactions being reported in different years for financial and tax
Motorola and Intel are both in the semiconductor industry and compete in many of the same product sectors. But each uses a different depreciation method. Motorola's Year 2 10-K states the following:Depreciation is recorded principally using the declining-balance method based on the estimated useful
ABC Inc. is in the business of airframe maintenance, modification and retrofit services, avionics and aircraft interior installations, the overhaul and repair of aircraft engines, and other related services. The following are excerpted from its income statement for the year ended December 31,
Excerpts from Wrigley Company’s Year 2 tax footnote follow.Reconciliation of the provision for income taxes computed at the U.S. federal statutory rate of 35% for Years 2, 1, and 0 to the reported provision for income taxes follows:Required:1. Provide a journal entry to record the aggregate
Following is the 2007 first quarter FIN48 footnote disclosure for Under Armour, a maker of athletic sportswear. All amounts are in thousands of dollars.Provision for Income Taxes The Company adopted the provisions of FIN 48 on January 1, 2007. As a result of the implementation of FIN 48, the
Moss, Inc. uses the accrual method of accounting for financial reporting purposes and appropriately uses the installment method of accounting for income tax purposes. It will collect $250,000 of installment income in the following years when the enacted tax rates are as indicated.The installment
The following information pertains to Ramesh Company for the current year:The company has both a permanent and a temporary difference between book and taxable income.The permanent difference relates to goodwill (that is, assume that amortization of goodwill is not allowed as an expense for tax
For financial statement reporting, Lexington Corporation recognizes royalty income in the period earned. For income tax reporting, royalties are taxed when collected. At December 31, 2007, unearned royalties of \($400,000\) were included in Lexington’s balance sheet. All of these royalties had
Joy Corporation prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2008:Joy’s income tax rate is 35% for 2008.Required:1. What amount should Joy report in its 2008 income statement as the current provision for income taxes?2. How
Nelson Inc. purchased machinery at the beginning of 2008 for \($90,000\). Management used the straight-line method to depreciate the cost for financial reporting purposes and the sumof-the-years’-digits method to depreciate the cost for tax purposes. The life of the machinery was estimated to be
Metge Corporation's worksheet for calculating taxable income for 2008 follows:The enacted tax rate for 2008 is 35%, but it is scheduled to increase to 40% in 2009 and subsequent years. All temporary differences are originating differences.Required:1. Determine Metge's 2008 taxes payable.2 . What is
Smith Corporation started doing business in 2007. The following table summarizes the company’s taxable income (loss) over the 2007-2019 period and the statutory tax rate effective in each year:Because Smith had no permanent or timing differences during this period, its pre-tax financial reporting
Barron Corporation started doing business in 2007. The following table summarizes the com- pany's taxable income (loss) over the period 2007-2015.Because Barron had no permanent or timing differences during this period, its pre-tax financial reporting income was identical to its taxable income in
The following information pertains to Enis Corporation for the year ended December 31, 2008. The company reported a \($1,500,000\) loss before taxes in its GAAP income statement, which included the effects of the following items:On January 1, 2008, Enis acquired Hansen Technology Group for
Weber Manufacturing Company started doing business on January 1, 2008. Its current business plan predicts significant growth in sales over the next several years. To respond to this predicted growth, Weber is planning to buy each year new factory equipment at a \($60,000\) cost during the first six
Over the past two years, Madison Corporation has accumulated operating loss carryforwards of \($66,000\). This year, 2008, Madison's pre-tax book income is \($101,500\). The company is subject to a 40% corporate tax rate. The following items are relevant to Madisons deferred tax 3 computations for
At the end of its third year of operations, December 31, 2008, Delilah Corp. is reporting pre-tax book income of \($223,000\). The following items are relevant to Delilah’s deferred tax computations:1. A \($55,000\) unrealized holding gain on its trading securities that is not recognized for tax
Mozart Inc.'s \($98,000\) taxable income for 2008 will be taxed at the 40% corporate tax rate. For tax purposes, its depreciation expense exceeded the depreciation used for financial reporting purposes by \($27,000\). Mozart has \($45,000\) of purchased goodwill on its books; during 2008, the
In Year 1, Phillips Company reported \($10,000\) net income for both book and tax purposes. It incurred a \($1,000\) book expense that it deducted on its tax return. Assuming a 35% tax rate, this deduction results in a \($350\) tax benefit. The tax law was unclear at that time whether this expense
Flower Company started doing business on January 1, 2007. For the year ended December 31, 2008, it reported \($450,000\) pre-tax book income on its income statement. Flower is subject to a 40% corporate tax rate for this year and the foreseeable future. Additionally, it has the following issues
In the current year, 2008, Reality Corporation reported \($200,000\) of pre-tax earnings on its income statement. The corporate tax rate is 40% in the current year and next year, and it is scheduled to remain at this level for the foreseeable future. Additional information relevant to figuring
On January 2, 2007, Allen Company purchased a machine for \($70,000\). This machine has a five-year useful life, a residual value of \($10,000\), and it is depreciated using the straight-line method for financial statement purposes. For tax purposes, depreciation expense was \($25,000\) for 2007
Huff Corporation began operations on January 1, 2008. It recognizes revenues from all sales under the accrual method for financial reporting purposes and appropriately uses the installment method for income tax purposes. Huff’s gross margin on installment sales under each method follows:Enacted
In its 2008 income statement, Tow, Inc. reported proceeds from an officer’s life insurance policy of \($90,000\) and depreciation of \($250,000\). Tow was the owner and beneficiary of the life insurance on its officer. Tow deducted depreciation of \($370,000\) in its 2008 income tax return when
As a result of differences between depreciation for financial reporting purposes and tax purposes, the financial reporting basis of Noor Company’s sole depreciable asset, acquired in 2008, exceeded its tax basis by $250,000 at December 31, 2008. This difference will reverse in future years. The
Mill Company began operations on January 1, 2008 and recognized income from constructiontype contracts under the percentage-of-completion method for tax purposes and the completed-contract method for financial reporting purposes. Information concerning income recognition under each method is as
For the year ended December 31, 2008, Tyre Company reported pre-tax financial statement income of \($750,000\). Its taxable income was \($650,000\). The difference is due to accelerated depreciation for income tax purposes. Tyre’s income tax rate is 30%, and it made estimated tax payments of
Dunn Company's 2008 income statement reported $90,000 income before provision for income taxes. To aid in the computation of the provision for federal income taxes, the following 2008 data are provided:Required:What amount of current federal income tax liability should Dunn report in its December
Kent, Inc’s reconciliation between financial statement and taxable income for 2008 follows:The enacted tax rate was 35% for 2007 and 40% for 2008 and years thereafter.Required:1. In its December 31, 2008 balance sheet, what amount should Kent report as its deferred income tax liability?2. In its
West Corporation leased a building and received the $36,000 annual rental payment on June 15, 2008. The beginning of the lease was July 1, 2008. Rental income is taxable when received. Its tax rates are 30% for 2008 and 40% thereafter. West had no other permanent or temporary differences.It
Black Company, organized on January 2, 2008, had pre-tax accounting income of \($500,000\) and taxable income of \($800,000\) for the year ended December 31, 2008. The only temporary difference is accrued product warranty costs, which are expected to be paid as follows:Circumstances indicate that
Quinn Company reported a net deferred tax asset of \($9,000\) in its December 31, 2008 balance sheet. For 2009 Quinn reported pre-tax financial statement income of \($300,000\). Temporary differences of \($100,000\) resulted in taxable income of \($200,000\) for 2009. At December 31, 2009, Quinn
Tara Corporation uses the equity method of accounting for its 40% investment in Flax’s common stock. During 2008, Flax reported earnings of \($750,000\) and paid dividends of \($250,000\). Assume that:• All undistributed earnings of Flax will be distributed as dividends in future periods.•
Town, a calendar-year corporation that was incorporated in January 2007, experienced a \($600,000\) net operating loss (NOL) in 2009. For the years 2007 and 2008, Town reported taxable income in each year and a total of \($450,000\) for the two years combined. Assume that (1) there are no
Dix Company reported operating income/loss before income tax in its first three years of operations as follows:Dix had no permanent or temporary differences between book income and taxable income in these years. Dix elected to use the loss carryback in 2008 and to apply unused losses against future
For the year ended December 31, 2008, Colt Corporation had a loss carryforward of$ 180,000 available to offset future taxable income. At December 31, 2008, the company believes that realization of the tax benefit related to the loss carryforward is probable. The tax rate is 30%.Required:1. What
Operating income in Mobe’s first three years of operations was as follows:Mobe had no other deferred income taxes in any year, and its income tax rate is 30%. In 2008, Mobe elected to carry back the maximum amount of loss possible and expected to have sufficient taxable income in future years to
In Figland Company’s first year of operations (2008), the company had pre-tax book income of \($500,000\) and taxable income of \($800,000\) at the December year-end. Figland expected to maintain this level of taxable income in future years. Figland’s only temporary difference is for accrued
Taft Corporation uses the equity method to account for its 25% investment in Flame, Inc. During 2008, Taft received dividends of \($30,000\) from Flame and recorded \($180,000\) as its equity in Flame’ earnings. Additional information follows:• All Flame’s undistributed earnings will be
The following information is provided for Lally Corporation for 2008 and 2009:• Income before income taxes in 2008 included accrued rent revenue of $80,000 that was not subject to income taxes until its receipt in 2009.• Lally was subject to an income tax rate of 40% in 2008 and
Millie Co. completed its first year of operations on December 31, 2008 with pre-tax financial income of \($400,000\). Millie accrued a contingent liability of \($900,000\) for financial reporting purposes; however, the \($900,000\) will be paid and therefore is deductible for tax purposes in 2009.
Collins Company incurs a \($1,000\) book expense that it deducts on its tax return. The tax law is unclear whether this expense is deductible, so the deduction leads to an uncertain tax position.Assuming a 35% tax rate, the deduction results in a \($350\) tax benefit.Required:Consider the following
Bunker Company negotiated a lease with Gilbreth Company that begins on January 1, 2008. The lease term is three years, and the asset's economic life is four years. The annual lease payments are \($7,500\), payable at the end of the year. The cost and fair value of the asset are \($21,000\). The as-
1. Repeat requirement 2 of P12-3. Assume that the lease payments are due at the beginningrather than at the end of the year. In this case, the first $277,409.44 payment would bemade on January 1, 2008. Round the amount of the initial lease liability at January 1, 2008to the nearest dollar. Round
On January 1, 2008, Seven Wonders Inc. signed a five-year noncancelable lease with Moss Company.The lease calls for five payments of \($277,409.44\) to be made at the end of each year. The leased asset has a fair value of \($1,200,000\) on January 1, 2008. Seven Wonders cannot renew the lease,
On January 1, 2008, Task Co. signs an agreement to lease office equipment from Coleman, Inc. forthree years with payments of \($193,357\) beginning December 31, 2008. The equipment’ fair valueis \($500,000\) with an expected useful life of four years. At the end of three years, the equipment
1. Repeat requirement 2 of P12-3. Assume that the lease payments are due at the beginning rather than at the end of the year. In this case, the first $277,409.44 payment would be made on January 1, 2008. Round the amount of the initial lease liability at January 1, 2008 to the nearest dollar. Round
On December 31, 2008, Thomas Henley, financial vice president of Kingston Corporation,signed a noncancelable three-year lease for an item of manufacturing equipment. The leasecalled for annual payments of \($41,635\) per year due at the end of each of the next three years.The leased equipment’s
On January 1, 2008, Bare Trees Company signed a three-year noncancelable lease with Dreams Inc. The lease calls for three payments of \($62,258.09\) to be made at each year-end. The lease payments include \($3,000\) of executory costs. The lease is nonrenewable and has no bargain purchase option.
On January 1, 2008, Railcar Leasing Inc. (the lessor) purchased 10 used boxcars from RailroadEquipment Consolidators at a price of \($8,345,640.\) Railcar leased the boxcars to the ReadingRailroad Company (the lessee) on the same date. The lease calls for eight annual payments of\($1,500,000\) to
On January 1, 2008, Task Co. signs an agreement to lease office equipment from Coleman, Inc. for three years with payments of \($193,357\) beginning December 31, 2008. The equipment’ fair value is \($500,000\) with an expected useful life of four years. At the end of three years, the equipment is
On January 1, 2008, ABC Builders Inc. (the lessor) entered into a lease with Winged FootCompany (the lessee) for an asset that ABC had manufactured at a cost of \($15,000,000.\) The asset’sfair value on January 1, 2008 is \($19,354,730.\) The lease calls for six annual payments of\($5,000,000\)
Using the data in P12-6, prepare the journal entries required by Coleman, Inc. on January 1, 2008 assuming that (a) Task does not guarantee the residual value and (b) Task does guarantee it. Coleman paid $500,000 to acquire the office equipment several weeks prior to the leasing transaction.
On January 1, 2008, Overseas Leasing Inc. (the lessor) purchased five used oil tankers from SevenSeas Shipping Company at a price of \($99,817,750.\) Overseas immediately leased the oil tankers toPacific Ocean Oil Company (the lessee) on the same date. The lease calls for five annual paymentsof
On December 31, 2008, Thomas Henley, financial vice president of Kingston Corporation, signed a noncancelable three-year lease for an item of manufacturing equipment. The lease called for annual payments of \($41,635\) per year due at the end of each of the next three years.The leased equipment’s
On January 1, 2008, Merchant Co. sold a tractor to Swanson, Inc. and simultaneously leased itback for five years. The tractor’s fair value is \($250,000,\) but its carrying value on Merchant'sbooks prior to the transaction was \($200,000.\) The tractor has a six-year remaining estimateduseful
On December 31, 2008, Rankin Corporation, a lessor of office machines, purchased a new machine for \($725,000\). It was delivered the same day (by prior arrangement) to Liska Company, the lessee. The following information relating to the lease transaction is available:• The leased asset has an
AMR Corporation is the parent of American Airlines, one of the largest airline companies in the world. Excerpts from its 2006 annual report follow.The accompanying notes are an integral part of these financial statements.(1) As of December 31, 2006, included in Accrued liabilities and Other
Wal-Mart Stores, Inc. operates retail stores in various retailing formats in all 50 states in the UnitedStates. The company’s mass merchandising operations serve its customers primarily through theoperation of three segments. The Wal-Mart Stores segment includes its discount stores,
The following information is based on an actual annual report. In a recent lending agreement (dated March 3, 2008), Guaraldi Bank, Inc., included the following definitions for terms used in its loan covenants with a borrower: Fixed Charges means the sum of, for Borrower and its Subsidiaries,
The following information is drawn from recent annual reports of three firms in the retail industry: JC Penney Company, Inc., Dillard Department Stores, Inc., and Macy's Inc. A. JC Penney is a major retailer operating 1,049 department stores in 49 states, Puerto Rico, and Mexico. In addition, it
The 2006 annual report of Tupperware Brands Inc. contained the following note:During 2006, the Company renegotiated a line of credit with a financial institution in Australia... . The Credit Agreement contains covenants of a similar nature to those under the previous agreement and customary for
Asa senior partner at one of the nation’s largest public accounting firms, you serve as chairperson of the firm’s financial reporting policy committee. You are also the firm's chief spokesperson on financial reporting matters that come before the FASB and the Securities and Exchange Two new
Groupe Casino is a French multinational company that operates more than 9,000 multiformat retail stores—hypermarkets, supermarkets, discount stores, convenience stores, and restaurants—throughout the world. In January 2005, Casino issued €600 million of undated deeply subordinated
The following information is from Coca-Cola Company’s 2006 annual report:The principal amount of our long-term debt that had fixed and variable interest rates, respectively, was \($1,346\) million and \($1\) million on December 31, 2006. . . [and] \($1,181\) million and \($1\) million on December
The following article raises questions about Cardinal Health's accounting for an expected legal settlement. Management responded to the accusations by sending a letter to all shareholders and to analysts who covered the firm.CARDINAL HEALTH’S ACCOUNTING RAISES SOME QUESTIONS It’s a cardinal
Fox Company, a dealer in machinery and equipment, leased equipment to Tiger, Inc. on July 1, 2008. The lease is appropriately accounted for as a sale by Fox and as a purchase by Tiger. The lease is for a 10-year period (the asset’s useful life), expiring June 30, 2018. The first of 10 equal
On January 2, 2008, Lafayette Machine Shops, Inc. signed a 10-year noncancelable lease for a heavy-duty drill press, stipulating annual payments of \($15,000\) starting at the end of the first year, with title passing to Lafayette at the expiration of the lease. Lafayette treated this transaction
East Company leased a new machine from North Company on May 1, 2008 under a lease with the following information:East has the option to purchase the machine on May 1, 2018 by paying $50,000, which approximates the expected fair value of the machine on the option exercise date.Required:What is the
Grady Company purchased a machine on January 1, 2008 for \($720,000\). The machine is expected to have a 10-year life, no residual value, and will be depreciated by the straight-line method. On January 1, 2008, it leased the machine to Lesch Company for a three-year period at an annual rental of
On December 31, 2008, Ball Company leased a machine from Cook for a 10-year period, expiring December 30, 2018. Annual payments of \($100,000\) are due on December 31. The first payment was made on December 31, 2008, and the second payment was made on December 31, 2009. The present value at the
Benedict Company leased equipment to Mark Inc. on January 1, 2008. The lease is for an eight-year period, expiring December 31, 2015. The first of eight equal annual payments of \($600,000\) was made on January 1, 2008. Benedict had purchased the equipment on December 29, 2007 for \($3,200,000\).
Glade Company leases computer equipment to customers under direct financing leases. The equipment has no residual value at the end of the lease term, 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
Peg Company leased equipment from Howe Corporation on July 1, 2008 for an eight-year period expiring June 30, 2016. 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, 2008. Peg and Howe contemplate the rate of interest at 10%.
On December 31, 2008, Day Company leased a new machine from Parr with the following pertinent information:The lease is not renewable, and the machine reverts to Parr at the termination of the lease. The cost of the machine on Parr’s accounting records is $375,500.Required:Compute the amount of
Robbins, Inc. leased a machine from Ready Leasing Company. The lease qualifies as a capital lease and requires 10 annual payments of \($10,000\) beginning immediately. The lease specifies an interest rate of 12% (the lessor’s return) and a purchase option of \($10,000\) at the end of the 10th
On January 1, 2008, Babson, Inc. leased two automobiles for executive use. The lease requires Babson to make five annual payments of \($13,000\), beginning January 1, 2008. At the end oft he lease term on December 31, 2012, Babson guarantees that the residual value of the automobiles will total
On December 31, 2008, Roe Company 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, 2008, and the second payment
On December 31, 2008, Lane, Inc. sold equipment to Noll and simultaneously leased it back for 12 years. Pertinent information at this date is as follows:Required:1. At December 31, 2008, should Lane report a gain from the sale of the equipment?2. If not, how should it account for the sale and
Coates Corporation is planning to enter into a three-year lease with annual payments of $30,000 due at the beginning of each year. If the lease qualified as a capital lease, the breakdown of the payments would be as follows:Required:1. If the lease were an operating lease, what would be the
Sandra Company and Nova Inc. each signed lease agreements on January 1, 2008. Nova's lease qualified for capital lease treatment, but Sandra's lease did not. All other information for both companies is identical. Payments on each lease were due at the end of each year. The following information is
On July 1, 2008, McVay Corporation issued $15 million of 10-year bonds with an 8% coupon interest rate. The bonds pay interest semiannually on June 30 and December 31 of each year.The market rate of interest on July 1, 2008 for bonds of this type was 10%. McVay closes its books on December
On January 1, 2008, Fleetwood Inc. issued bonds with a face amount of $25 million and a coupon interest rate of 8%. The bonds mature in 10 years and pay interest semiannually on June 30 and December 31 of each year. The market rate of interest on January 1, 2008 for bonds oft his type was 6%.
On January 1, 2008, Newell Manufacturing purchased a new drill press that had a cash purchase price of \($6,340.\) Newell decided instead to pay on an installment basis. The installment contract calls for four annual payments of \($2,000\) each beginning in one year. Newell was not required to make
Cory Company needs to raise about \($500,000\) to finance the expansion of its office building. It is considering three alternative loan arrangements:• Alternative A: Issue a \($500,000,\) 20-year bond with an interest rate of 10%.• Alternative B: Issue a \($700,000,\) 20-year bond with an
On January 1, 2008, Mason Manufacturing borrows $500,000 and uses the money to purchase corporate bonds for investment purposes. Interest rates were quite volatile that year and so were the fair values of Mason’s bond investment (an asset) and loan (a liability):Required:1. Mason is required to
On July 1, 2008, Stan Getz, Inc. bought call option contracts for 500 shares of Selmer Manufacturing common stock. The contracts cost \($200,\) expire on September 15, and have an exercise price of \($40\) per share. The market price of Selmer’s stock that day was also \($40\) a share. On July
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