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business
intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

What is the difference between the lessee and lessor?
List the five criteria used to determine if a lease is classified as a finance lease by the lessee.
What conditions are necessary for an entity to have control over an asset?
What is a substitution right, and when does that right result in a contract not being a lease?
What is the definition of a lease?
List four potential benefits to the lessor of leasing versus selling an asset.
List four potential benefits to the lessee of leasing versus purchasing an asset.
SituationPanther Company currently sponsors a defined benefit pension plan for its employees. At the end of 2019, the plan had a projected benefit obligation of $1,456,000 and fair value of plan
Obtain The Coca-Cola Company’s 2017 annual report either using the “Investor Relations” portion of its website (do a web search for Coca-Cola investor relations) or go to http://www.sec .gov
On January 1, 2019, Vasby Software Company adopted a healthcare plan for its retired employees. To determine eligibility for benefits, Vasby retroactively gives credit to the date of hire for each
TAN Company has a defined benefit pension plan for its employees. The plan has been in existence for several years. During 2018, for the first time, TAN experienced a difference between its expected
Jay Company has had a defined benefit pension plan for several years. At the beginning of 2019, Jay amended the plan; this amendment provided for increased benefits to employees based on services
On January 1, 2019, Baznik Company adopted a defined benefit pension plan. At that time, Baznik awarded retroactive benefits to certain employees. These retroactive benefits resulted in a prior
Various pension plan information of Kerem Company for 2019 and 2020 is as follows:Required:Fill in the blanks lettered (a) through (k). All the necessary information is listed. It is not necessary to
In Fisk Company’s negotiations with its employees’ union on January 1, 2019, the company agreed to an amendment that increased the employee benefits based on services rendered in prior periods.
For several years, Kent Company has had a defined benefit contribution plan for its employees. During those years, Kent experienced differences between its expected and actual projected benefit
Lane Company was incorporated in 2004. Because it had become successful, Lane established a defined benefit pension plan for its employees on January 1, 2019. Due to the loyalty of its employees,
On January 1, 2019, Parkway Company adopted a defined benefit pension plan. At that time, Parkway awarded retroactive benefits to its employees, resulting in a prior service cost of $2,180,000 on
Carpenter Company adopted a defined benefit pension plan for its employees on January 1, 2019. At the time of adoption, the pension contract provided for retroactive benefits for the company’s
When Turner Company adopted its defined benefit pension plan on January 1, 2019, it awarded retroactive benefits to its employees. These retroactive benefits resulted in a prior service cost of
Nelson Company has a defined benefit pension plan for its employees. At the end of 2019 and 2020, the following information is available in regard to this pension plan:Required:1. Compute the amount
On January 1, 2019, Flash and Dash Company adopted a healthcare plan for its retired employees. To determine eligibility for benefits, the company retroactively gives credit to the date of hire for
Wolz Company, a small business, has had a defined benefit pension plan for its employees for several years. At the beginning of 2019, Wolz amended the pension plan; this amendment provides for
At the beginning of 2019, Brent Company amended its defined benefit pension plan. The amendment entitled five active participating employees to receive increased future benefits based on their prior
Refer to the information provided in E19-13.Required:Using the years-of-future-service method, prepare a set of schedules to determine (1) The amortization fraction for each year(2) The
Hudson Company’s actuary has provided the following information concerning the company’s defined benefit pension plan at the end of 2019:Fair value of plan assets (1/1/2019)
Lee Company has a defined benefit pension plan. During 2018, for the first time, Lee experienced a difference between its expected and actual projected benefit obligation. At the beginning of 2019,
On January 1, 2019, Smith Company adopted a defined benefit pension plan. At that time, Smith awarded retroactive benefits to its employees, resulting in a prior service cost that created a projected
Pitchford Company adopted a defined benefit pension plan on January 1, 2019, at which time it awarded retroactive benefits to its employees. The following information is available in regard to this
Farber Company adopted a defined benefit pension plan on January 1, 2019, at which time it awarded retroactive benefits to its employees. This prior service cost amounted to $200,000, which the
Several years ago, Lewad Company established a defined benefit pension plan for its employees. The following information is available for 2019 in regard to its pension plan: (1) discount rate, 10%;
Carli Company adopted a defined benefit pension plan on January 1, 2018, and funded the entire amount of its 2018 pension expense. The following information pertains to the pension plan for 2019 and
Baron Company adopted a defined benefit pension plan on January 1, 2018. The following information pertains to the pension plan for 2019 and 2020:There are no other components of Baron’s pension
Verna Company has had a defined benefit pension plan for several years. At the end of 2019, Verna accumulated the following information: (1) service cost for 2019, $127,000; (2) projected benefit
On December 31, 2019, Palmer Company determined that the 2019 service cost on its defined benefit pension plan was $120,000. At the beginning of 2019, Palmer had pension plan assets of $520,000 and a
On December 31, 2019, Robey Company accumulated the following information for 2019 in regard to its defined benefit pension plan:Service cost
Bailey Company has had a defined benefit pension plan for several years. At the end of 2019, Bailey’s actuary provided the following information for 2019 regarding the pension plan: (1) service
McCollum Company amended its noncontributory defined benefit pension plan at the beginning of 2016. The prior service cost related to this amendment amounts to $240,000. Information regarding the
Davison Company has a noncontributory defined benefit pension plan for its employees. During 2019, the pension plan has a discount rate of 8%, service cost of $98,000, plan assets as of 1/1/19 of
Refer to the information for Spath Company to the left. As of December 31, 2020, what is the balance in the pension plan asset fund?a. $456,000b. $630,000c. $654,000d. $840,000Spath Company adopted a
Refer to the information for Spath Company below. In the journal entry to record pension expense, what is the amount of the credit entry to accrue pension cost on December 31?Spath Company adopted a
Refer to the information for Spath Company above. What is the pension expense for the year ended December 31, 2020?a. $390,000b. $426,000c. $456,000d. $480,000Spath Company adopted a noncontributory
On January 1, 2019, Soloman Company changes the factor in the benefit formula from 0.02 to 0.022, retroactive to the adoption of the plan. The amendment will result in a(n):a. Decrease in projected
How does accounting for other postretirement benefits differ from accounting for defined benefit pension plans?
Why do pension plans tend to be funded while OPRB plans are unfunded?
Where should a company report the cash it paid to fund its pension plan when preparing its statement of cash flows?
What are the five possible alternative methods of determining the extent of a company’s pension plan liability? Which one is required by GAAP?
Conceptually, what are the four possible alternative methods for accounting for the prior service cost that arises from pension plan modifications? Which one is required by GAAP?
Compare how prior service cost is treated under amended IAS 19 relative to its treatment under U.S. GAAP.
List and define the potential components of pension expense under amended IAS 19. In addition, how are differences between expected and actual returns treated?
SituationGolf-Travel Inc. is a U.S. company that provides travel packages for individual golfers and corporate golf outings. The company has mainly focused on U.S. customers but has decided to expand
Obtain Nestlé’s 2017 annual report using the “Investor Relations” portion of its website (do a web search for Nestlé investor relations).Required:1. What was the total income tax expense
Obtain The Coca-Cola Company’s 2017 annual report either using the “Investor Relations” portion of its website (do a web search for Coca-Colainvestor relations) or go to http://www.sec.gov and
Chris Green, CPA, is auditing Rayne Co.’s 2019 financial statements. For the year ended December 31, 2019, Rayne is applying GAAP for income taxes. Rayne’s controller, Dunn, has prepared a
Jayryan Company sells products in a volatile market. The company began operating in 2017 and reported (and paid taxes on) taxable income in 2017 and 2018. It has one taxable temporary difference
At the beginning of 2019, Norris Company had a deferred tax liability of $6,400, because of the use of MACRS depreciation for income tax purposes and units-of-production depreciation for financial
Colt Company reports pretax financial “income” of $143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are $295,000), the following items are included in
At the end of 2018, Duff Company prepared the following schedule of its deferred tax items (based on the currently enacted tax rate of 30%):On April 30, 2019, Congress changed the income tax rate to
Ross Company has been in business for several years, during which time it has been profitable. For each of those years, Ross reported (and paid taxes on) taxable income in the same amount as pretax
Peterson Company has computed its pretax financial income to be $66,000 in 2019 after including the effects of the appropriate items from the following information:Peterson’s accountant has
Gire Company began operations at the beginning of 2019 at which time it purchased a depreciable asset for $60,000. For 2019 through 2022, the asset was depreciated on the straightline basis over a
At the beginning of 2019, its first year of operations, Cooke Company purchased an asset for $100,000. This asset has an 8-year economic life with no residual value, and it is being depreciated by
Quick Company reports the following revenues and expenses in its pretax financial income for the year ended December 31, 2019:Revenues .........................................$ 229,600Expenses
Wicks Corporation began operations on January 1, 2019. At the end of 2019, Wicks reported pretax financial income of $60,000 and taxable income of $57,700, due to two temporary differences. The
Klerk Company had four temporary differences between its pretax financial income and its taxable income during 2019 as follows:At the beginning of 2019, Klerk had a deferred tax liability of $84,300
Wilcox Company has prepared the following reconciliation of its pretax financial income with its taxable income for 2019:At the beginning of 2019, Wilcox had a deferred tax liability of $495. The
Thiel Company reports the following deferred tax items at the end of 2019:Required:Show how the preceding deferred tax items are reported on Thiel’s December 31, 2019, balance sheet. Related Asset
Lester Corporation reports $119,000 of both pretax accounting “income” and taxable income in 2019. In addition to income from continuing operations (of which revenues are $500,000), included in
EyeBeam Corporation reports the following pretax accounting (and taxable) income items during 2019:Income from continuing operations .................................................$ 90,000*Loss
Wright Company reports the following information for the year ended December 31, 2019:Pretax income from continuing operations ....................................$160,000aPretax income from
Baxter Company began operations in 2015 and was profitable through 2018, during which time the tax rate was 30%. At the end of 2019, the tax rate was changed to 21% and, Baxter reported a pretax
At the end of 2019, its first year of operations, Swelland Company reported a pretax operating loss of $32,000 for both financial reporting and income tax purposes. At that time, Swelland had no
At the end of 2019, Keil Company reports a pretax operating loss of $80,000 for both financial reporting and income tax purposes. Prior to 2019, Keil had been successful and is expected to be
Assume the following facts for Munoz Company in 2019. Munoz reported pretax financial income of $800,000. In addition, Munoz reported the following differences between its pretax financial income and
Lin has just completed its first year of operations and has a number of differences between its pretax financial income and taxable income. The differences at the end of 2019 are as follows:a. Lin
For the year ended December 31, 2019, Nelson Co.’s income statement showed income of $435,000 before income, tax expense. To compute taxable income, the following differences were noted:Required:1.
Vickers Company reports taxable income of $4,500 for 2019. Vickers has two temporary differences between pretax financial income and taxable income at the end of 2019. The first difference is
Tanner Corporation begins operations in 2018 and reports the following amounts of pretax financial income and taxable income for the years 2018 through 2022. Tanner has only one temporary difference
Thun Company has been in operation for several years. It has both a deductible and a taxable temporary difference. At the beginning of 2019, its deferred tax asset was $690, and its deferred tax
Zeta Corporation reported taxable income for 2019 of $200,000. The enacted tax rate for 2019 is 40%. During 2019, Zeta became the defendant in a lawsuit. The lawsuit has not been resolved at the end
At the end of 2019, its first year of operations, Beattie Company reported taxable income of $38,000 and pretax financial income of $34,400. The difference is due to the way the company handles its
Pito Company has been in operation for several years. During those years, the company has been profitable and it expects to continue to be profitable in the foreseeable future. At the beginning of
At the end of 2019, Fulhage Company reported taxable income of $9,000 and pretax financial income of $10,600. The difference is due to depreciation for tax purposes in excess of depreciation for
At the end of 2019, its first year of operations, Slater Company reported a book value for its depreciable assets of $40,000 for financial reporting purposes and $33,000 for income tax purposes.
At the end of 2019, Sentry Company reported a deferred tax liability of $6,120 based on an income tax rate of 30%. On January 2, 2020, Congress changed the income tax rate to 35%.Required:1.
Arrow Company began operations at the beginning of 2019. At the end of 2019, Arrow reported taxable income of $20,800 and pretax financial income of $22,200 because of a single temporary difference.
Barth James Inc. has the following deferred tax assets and liabilities: $12,000 noncurrent deferred tax asset, and $10,500 noncurrent deferred tax liability. Show how Barth James would report these
Sky Company reports a pretax operating loss of $50,000 in Year 3 for both financial reporting and income tax purposes. Its reported pretax financial income and taxable income for the previous 2 years
Brooks Company reported a prior period adjustment of $12,000 in pretax financial “income” and taxable income for 2020. The prior period adjustment was the result of an error in calculating bad
In 2019, Swope Company reports a pretax operating loss of $100,000 for both financial reporting and income tax purposes. Swope concludes that the operating loss in 2019 is temporary and that the
Oliver Company earned taxable income of $7,500 during 2019, its first year of operations. A reconciliation of pretax financial income and taxable income indicated that an additional $2,500 of
At the beginning of 2019, Conley Company purchased an asset at a cost of $10,000. For financial reporting purposes, the asset has a 4-year life with no residual value and is depreciated by the
Prior to and during 2019, Shadrach Company reported tax depreciation at an amount higher than the amount of financial depreciation, resulting in a book value of the depreciable assets of $24,500 for
Why must a corporation match its income tax expense against the major components of its pretax income?
How is a corporation’s effective tax rate calculated?
Give two examples of permanent differences that are caused by expenses that are recognized under GAAP for financial reporting purposes but are never deductible for income tax purposes.
What is a permanent difference? Give two examples of revenues that are recognized under GAAP for financial reporting purposes but are never taxable.
What source is used to determine income tax expense, and what source is used to determine income tax paid?
On November 1, 2019, Olivia’s Art Shoppe agreed to a contract with Tobacco Road Company to create 10 murals for the company’s corporate headquarters. The contract has a transaction price of
On January 1, 2019, Mopps Corp. agrees to provide Conklin Company 3 years of cleaning and janitorial services. The contract sets the price at $12,000 per year, which is the normal standalone price

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