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business
intermediate accounting

Questions and Answers of Intermediate Accounting

Keeton Company sponsors a defined benefit pension plan for its 600 employees. The company’s actuary provided the following information about the plan. The average remaining service life
The actuary for the pension plan of Gustafson Inc. calculated the following net gains and losses. Incurred during the Year
Latoya Company provides the following selected information related to its defined benefit pension plan for 2012.Pension asset/liability (January 1)
Using the information in E20-13 about Erickson Company’s defined benefit pension plan, prepare a 2012 pension worksheet with supplementary schedules of computations. Prepare the journal entries at
Ferreri Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31,
Henning Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2012 in which no benefits were paid. 1. The
Henning Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2012 in which no benefits were paid. 1. The
Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2012, the following balances relate to this plan.Plan assets
Taveras Enterprises provide the following information relative to its defined benefit pension plan.Instructions (a) Prepare the note disclosing the components of pension expense for the year
The following defined pension data of Rydell Corp. apply to the year 2012.InstructionsFor 2012, prepare a pension worksheet for Rydell Corp. that shows the journal entry for pension expense and the
Gingrich Importers provides the following pension plan information.Fair value of pension plan assets, January 1, 2012 $2,400,000Fair value of pension plan assets, December
Andrews Company has five employees participating in its defined benefit pension plan. Expected years of future service for these employees at the beginning of 2012 are as follows.
The following facts apply to the pension plan of Boudreau Inc. for the year 2012.Plan assets, January 1, 2012
Using the information in E20-2, prepare a pension worksheet inserting January 1, 2012, balances, showing December 31, 2012, balances, and the journal entry recording pension expense.Data From
The following information is available for the pension plan of Radcliffe Company for the year 2012.Actual and expected return on plan assets
For 2012, Sampsell Inc. computed its annual postretirement expense as $240,900. Sampsell’s contribution to the plan during 2012 was $180,000. Prepare Sampsell’s 2012 entry to record
Manno Corporation has the following information available concerning its postretirement benefit plan for 2012.Service cost
Norton Co. had the following amounts related to its pension plan in 2012.Determine for 2012: (a) Norton’s other comprehensive income (loss), and (b) comprehensive income. Net income for 2012 is
Shin Corporation had a projected benefit obligation of $3,100,000 and plan assets of $3,300,000 at January 1, 2012. Shin also had a net actuarial loss of $465,000 in accumulated OCI at January 1,
Boey Company reported net income of $25,000 in 2013. It had the following amounts related to its pension plan in 2013: Actuarial liability gain $10,000; Unexpected asset loss $14,000; Accumulated
What is the role of an actuary relative to pension plans? What are actuarial assumptions?
Callaway Corp. has a deferred tax asset account with a balance of $150,000 at the end of 2012 due to a single cumulative temporary difference of $375,000. At the end of 2013, this same temporary
Where can authoritative IFRS related to the accounting for taxes be found?
Maria Rodriquez and Lynette Kingston are discussing accounting for income taxes. They are currently studying a schedule of taxable and deductible amounts that will arise in the future as a result of
At December 31, 2012, Higley Corporation has one temporary difference which will reverse and cause taxable amounts in 2013. In 2012, a new tax act set taxes equal to 45% for 2012, 40% for 2013, and
Wise Company began operations at the beginning of 2013. The following information pertains to this company. 1. Pretax financial income for 2013 is $100,000. 2. The tax rate enacted for
The information below and on page 1194 was disclosed during the audit of Elbert Inc.1. 2. On January 1, 2012, equipment costing $600,000 is purchased. For financial reporting purposes, the
Crosley Corp. sold an investment on an installment basis. The total gain of $60,000 was reported for financial reporting purposes in the period of sale. The company qualifies to use the
Presented below are two independent situations related to future taxable and deductible amounts resulting from temporary differences existing at December 31, 2012.1. Mooney Co. has developed the
Jennings Inc. reported the following pretax income (loss) and related tax rates during the years 2008–2014.Pretax financial income (loss) and taxable income (loss) were the same for all years since
The accounting records of Shinault Inc. show the following data for 2012.1. Life insurance expense on officers was $9,000.2. Equipment was acquired in early January for $300,000. Straight-line
The following information has been obtained for the Gocker Corporation.1. Prior to 2012, taxable income and pretax financial income were identical.2. Pretax financial income is $1,700,000 in 2012 and
The pretax financial income of Truttman Company differs from its taxable income throughout each of 4 years as follows.Pretax financial income for each year includes a nondeductible expense of $30,000
The following information is available for Remmers Corporation for 2012.1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $120,000. This difference
Hayes Co. reported the following pretax financial income (loss) for the years 2011–2015.2011 $240,0002012
Nielson Inc. reports the following pretax income (loss) for both book and tax purposes. (Assume the carryback provision is used where possible for a net operating loss.)The tax rates listed were all
Sondgeroth Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. (Assume the carryback provision is used for a net operating loss.)The tax rates
The differences between the book basis and tax basis of the assets and liabilities of Morgan Corporation at the end of 2012 are presented below.It is estimated that the litigation liability will be
Flynn Inc. has two temporary differences at the end of 2012. The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Flynn’s accounting
Macinski Inc., in its first year of operations, has the following differences between the book basis and tax basis of its assets and liabilities at the end of 2012.It is estimated that the warranty
Shamess Co. establishes a $90 million liability at the end of 2012 for the estimated litigation settlement for manufacturing defects. All related costs will be paid and deducted on the tax return in
During 2012, Graham Co.’s first year of operations, the company reports pretax financial income of $250,000. Graham’s enacted tax rate is 40% for 2012 and 35% for all later years. Graham expects
Taxable income and pretax financial income would be identical for Jones Co. except for its treatments of gross profit on installment sales and estimated costs of warranties. The following income
Sharrer Inc.’s only temporary difference at the beginning and end of 2012 is caused by a $2 million deferred gain for tax purposes for an installment sale of a plant asset, and the related
Assume the same information as E19-14, except that at the end of 2012, Callaway Corp. had a valuation account related to its deferred tax asset of $40,000.Instructions (a) Record income tax
Callaway Corp. has a deferred tax asset account with a balance of $150,000 at the end of 2012 due to a single cumulative temporary difference of $375,000. At the end of 2013, this same temporary
At the end of 2012, Wasicsko Company has $180,000 of cumulative temporary differences that will result in reporting future taxable amounts as follows.2013
The following facts relate to McKane Corporation. 1. Deferred tax liability, January 1, 2012, $60,000. 2. Deferred tax asset, January 1, 2012, $20,000. 3. Taxable income for 2012,
Lanier Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2005 through 2013 as follows.Pretax financial income (loss) and taxable income (loss) were the same for
Gordon Company has two temporary differences between its pretax financial income and taxable income. The information is shown below.The income tax rate for all years is 40%.Instructions (a)
InstructionsComplete the following statements by filling in the blanks. (a) In a period in which a taxable temporary difference reverses, the reversal will cause taxable income to be _______
The following facts relate to Alschuler Corporation.1. Deferred tax liability, January 1, 2012, $40,000.2. Deferred tax asset, January 1, 2012, $0.3. Taxable income for 2012, $115,000.4. Pretax
Havaci Company reports pretax financial income of $80,000 for 2012. The following items cause taxable income to be different than pretax financial income.1. Depreciation on the tax return is greater
Brennan Corporation began 2012 with a $90,000 balance in the Deferred Tax Liability account. At the end of 2012, the related cumulative temporary difference amounts to $350,000, and it will reverse
The following information s available for McKee Corporation for 2012. 1. Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years
Starfleet Corporation has one temporary difference at the end of 2012 that will reverse and cause taxable amounts of $55,000 in 2013, $60,000 in 2014, and $75,000 in 2015. Starfleet’s pretax
Youngman Corporation has temporary differences at December 31, 2012, that result in the following deferred taxes.Deferred tax liability—current
Use the information for Rode Inc. given in BE19-13. Assume that it is more likely than not that the entire net operating loss carryforward will not be realized in future years. Prepare all the
Conlin Corporation had the following tax information.In 2013, Conlin suffered a net operating loss of $480,000, which it elected to carry back. The 2013 enacted tax rate is 29%. Prepare Conlin’s
Clydesdale Corporation has a cumulative temporary difference related to depreciation of $580,000 at December 31, 2012. This difference will reverse as follows: 2013, $42,000; 2014, $244,000; and
Shetland Inc. had pretax financial income of $154,000 in 2012. Included in the computation of that amount is insurance expense of $4,000 which is not deductible for tax purposes. In addition,
Using the information from BE19-2, assume this is the only difference between Oxford’s pretax financial income and taxable income. Prepare the journal entry to record the income tax expense,
What are some of the reasons that the components of income tax expense should be disclosed and a reconciliation between the effective tax rate and the statutory tax rate be provided?
Addison Co. has one temporary difference at the beginning of 2012 of $500,000. The deferred tax liability established for this amount is $150,000, based on a tax rate of 30%. The temporary difference
Pretax financial income for Lake Inc. is $300,000, and its taxable income is $100,000 for 2013. Its only temporary difference at the end of the period relates to a $70,000 difference due to excess
Roth Inc. has a deferred tax liability of $68,000 at the beginning of 2013. At the end of 2013, it reports accounts receivable on the books at $90,000 and the tax basis at zero (its only temporary
The book basis of depreciable assets for Erwin Co. is $900,000, and the tax basis is $700,000 at the end of 2013. The enacted tax rate is 34% for all periods. Determine the amount of deferred taxes
In this simulation, you are asked to address questions related to revenue recognition issues. Prepare responses to all parts.
Nimble Health and Racquet Club (NHRC), which operates eight clubs in the Chicago metropolitan area, offers one-year memberships. The members may use any of the eight facilities but must reserve
Lillehammer Lakes is a new recreational real estate development which consists of 500 lake-front and lake-view lots. As a special incentive to the first 100 buyers of lake-view lots, the developer is
Peterson Industries has three operating divisions— Farber Mining, Glesen Paperbacks, and Enyart Protection Devices. Each division maintains its own accounting system and method of revenue
You have been engaged by Buhl Construction Company to advise it concerning the proper accounting for a series of long-term contracts. Buhl commenced doing business on January 1, 2012. Construction
Sue’s Construction is in its fourth year of business. Sue performs long-term construction projects and accounts for them using the completed-contract method. Sue built an apartment building at a
Monat Construction Company, Inc., entered into a firm fixed-price contract with Hyatt Clinic on July 1, 2012, to construct a four-story office building. At that time, Monat estimated that it would
Saprano Company, on January 2, 2012, entered into a contract with a manufacturing company to purchase room-size air conditioners and to sell the units on an installment plan with collections over
Selected transactions of TV Land Company are presented below. 1. A television set costing $540 is sold to Jack Matre on November 1, 2012, for $900. Matre makes a down payment of $300 and agrees
Mantle Inc. sells merchandise for cash and also on the installment plan. Entries to record cost of goods sold are made at the end of each year. Repossessions of merchandise (sold in 2012)
The following summarized information relates to the installment-sales activity of Phillips Stores, Inc. for the year 2012.Installment sales during 2012
Paul Dobson Stores sell appliances for cash and also on the installment plan. Entries to record cost of sales are made monthly.The accounting department has prepared the following analysis of cash
Chantal Stores sells merchandise on open account as well as on installment terms.InstructionsFrom the data above, which cover the 3 years since Chantal Stores commenced operations, determine the net
Presented below is summarized information for Johnston Co., which sells merchandise on the installment basis.Instructions (a) Compute the realized gross profit for each of the years 2012, 2013,
On July 1, 2012, Torvill Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,900,000. On July 1, Torvill estimated that it would take
On March 1, 2012, Pechstein Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,400,000. The building was completed by
Custom Builders (RCB) was established in 1987 by Avery Conway and initially built high-quality customized homes under contract with specific buyers. In the 1990s, Conway’s two sons joined the
On February 1, 2012, Hewitt Construction Company obtained a contract to build an athletic stadium. The stadium was to be built at a total cost of $5,400,000 and was scheduled for completion by
On March 1, 2012, Chance Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,000,000 and will take 3 years to complete. The contract price
Shanahan Construction Company has entered into a contract beginning January 1, 2012, to build a parking complex. It has been estimated that the complex will cost $600,000 and will take 3 years to
Van Hatten Industries has three operating divisions—Depp Construction Division, DeMent Publishing Division, and Ankiel Securities Division. Each division maintains its own accounting system and
Seaver Company uses the installment-sales method in accounting for its installment sales. On January 1, 2012, Seaver Company had an installment account receivable from Jan Noble with a balance of
On January 1, 2012, Wetzel Company sold property for $250,000. The note will be collected as follows: $120,000 in 2012, $90,000 in 2013, and $40,000 in 2014. The property had cost Wetzel $150,000
Swift Corp., a capital goods manufacturing business that started on January 4, 2012, and operates on a calendar-year basis, uses the installment-sales method of profit recognition in accounting for
Becker Corporation sells farm machinery on the installment plan. On July 1, 2012, Becker entered into an installment-sales contract with Valente Inc. for an 8-year period. Equal annual payments under
Basler Corporation, which began business on January 1, 2012, appropriately uses the installment sales method of accounting. The following data were obtained for the years 2012 and
Samuels Co. appropriately uses the installment-sales method of accounting. On December 31, 2014, the books show balances as follows.Instructions (a) Prepare the adjusting entry or entries
Coffin Corporation appropriately uses the installment-sales method of accounting to recognize income in its financial statements. The following information is available for 2012 and
Yanmei Construction Company began operations January 1, 2012. During the year, Yanmei Construction entered into a contract with Lundquist Corp. to construct a manufacturing facility. At that time,
Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2012, Hamilton began work under contract #E2-D2, which provided for a contract price of $2,200,000. Other
Taylor Marina has 300 available slips that rent for $800 per season. Payments must be made in full at the start of the boating season, April 1, 2013. Slips for the next season may be reserved if paid
Schuss Corporation sold equipment to Potsdam Company for $20,000. The equipment is on Schuss’s books at a net amount of $13,000. Schuss collected $10,000 in 2012, $5,000 in 2013, and $5,000 in
At December 31, 2012, Grinkov Corporation had the following account balancesInstallment Accounts Receivable, 2011 $ 65,000Installment Accounts Receivable, 2012

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