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business
intermediate accounting

Questions and Answers of Intermediate Accounting

Lewis Industries adopted a defined benefit pension plan on January 1, 2021. By making the provisions of the plan retroactive to prior years, Lewis incurred a prior service cost of $2 million. The
Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2021, are shown below: Required:1. For each independent case,
Refer to the situation described in P 17–10. Assume Electronic Distribution prepares its financial statements according to International Financial Reporting Standards (IFRS). Also assume that 10%
Pension data for Barry Financial Services Inc., include the following: Required:1. Determine pension expense for 2021.2. Prepare the journal entries to record? (a) Pension expense (b) Gains and
Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2021 are as follows:.............................................................($ in millions)PBO
U.S. Metallurgical Inc., reported the following balances in its financial statements and disclosure notes at December 31, 2020.Plan assets ......................................$400,000Projected
Refer to the situation described in E 17–8.Required:How might your answer differ if we assume Sterling Properties prepares its financial statements according to International Financial Reporting
JDS Shipyard’s projected benefit obligation, accumulated benefit obligation, and plan assets were $40 million, $30 million, and $25 million, respectively, at the end of the year. What, if any,
Pension data for Sterling Properties include the following:...................................................................($ in thousands)Service cost, 2021
Herring Wholesale Company has a defined benefit pension plan. On January 1, 2021, the following pensionrelated data were available: The rate of return on plan assets during 2021 was 9%, although it
Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2021. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan
Sachs Brands’s defined benefit pension plan specifies annual retirement benefits equal to 1.6% × service years × final year’s salary, payable at the end of each year. Angela Davenport was hired
Sachs Brands’s defined benefit pension plan specifies annual retirement benefits equal to 1.6% × service years × final year’s salary, payable at the end of each year. Angela Davenport was hired
Sachs Brands’s defined benefit pension plan specifies annual retirement benefits equal to 1.6% × service years × final year’s salary, payable at the end of each year. Angela Davenport was hired
Sachs Brands’s defined benefit pension plan specifies annual retirement benefits equal to 1.6% × service years × final year’s salary, payable at the end of each year. Angela Davenport was hired
On January 1, 2021, Ravetch Corporation’s projected benefit obligation was $30 million. During 2021, pension benefits paid by the trustee were $4 million. Service cost for 2021 is $12 million.
Sachs Brands’s defined benefit pension plan specifies annual retirement benefits equal to 1.6% × service years × final year’s salary, payable at the end of each year. Angela Davenport was hired
First Bank has some questions as to the tax-free nature of $5 million of governmental bonds held in its investment portfolio. This amount is excluded from First Bank’s taxable income of $55
On January 1, 2021, NRC Credit Corporation leased equipment to Brand Services under a finance/sales-type lease designed to earn NRC a 12% rate of return for providing long-term financing. The lease
Federated Fabrications leased a tooling machine on January 1, 2021, for a three-year period ending December 31, 2023. The lease agreement specified annual payments of $36,000 beginning with the first
Rhone-Metro Industries manufactures equipment that is sold or leased. On December 31, 2021, Rhone-Metro leased equipment to Western Soya Co. for a noncancelable stated lease term of four years ending
(This problem is a variation of P 15?19, modified to cause the lease to be a sales-type lease with a selling profit.)Bidwell Leasing purchased a single-engine plane for $400,000 and leased it to Red
On January 1, 2021, Wetick Optometrists leased diagnostic equipment from Southern Corp., which had purchased the equipment at a cost of $1,437,237. The lease agreement specifies six annual payments
Bidwell Leasing purchased a single-engine plane for its fair value of $645,526 and leased it to Red Baron Flying Club on January 1, 2021.Terms of the lease agreement and related facts werea. Eight
Branif Leasing leases mechanical equipment to industrial consumers under sales-type leases that earn Branif a 10% rate of return for providing long-term financing. A lease agreement with Branson
On January 1, 2021, Lesco Leasing leased equipment to Quality Services under a finance/sales-type lease designed to earn NRC a 12% rate of return for providing long-term financing. The lease
Newton Labs leased chronometers from Brookline Instruments on January 1, 2021. Brookline Instruments manufactured the chronometers at a cost of $200,000. The chronometers have a fair value of
High Time Tours leased rock-climbing equipment from Adventures Leasing on January 1, 2021. High Time has the option to renew the lease at the end of two years for an additional three years for $8,000
Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $112,080.Related
Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians? Leasing purchased a lithotripter from Rand for $2,000,000 and leased
On June 30, 2021, Georgia-Atlantic, Inc. leased warehouse equipment from Builders, Inc. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $562,907 over a three-year
On June 30, 2021, Georgia-Atlantic, Inc. leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $562,907 over a
On June 30, 2021, Georgia-Atlantic, Inc. leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $562,907 over a
On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with face amount of $30 million. The bonds sold for $29.3 million and mature on February 28, 2024. Interest is
Interstate Automobiles Corporation leased 40 vans to VIP Transport under a four-year noncancelable lease on January 1, 2021. Information concerning the lease and the vans follows:a. Equal annual
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: During January 2021, the following transactions occurred:January 1 Borrowed $100,000 from Captive
On March 1, 2021, Brown-Ferring Corporation issued $100 million of 12% bonds, dated January 1, 2021, for $99 million (plus accrued interest). The bonds mature on December 31, 2040, and pay interest
(Note: This is a variation of E 14–13 modified to consider the fair value option for reporting liabilities.) Federal Semiconductors issued 11% bonds, dated January 1, with a face amount of $800
On January 1, 2021, Madison Products issued $40 million of 6%, 10-year convertible bonds at a net price of $40.8 million. Madison recently issued similar, but nonconvertible, bonds at 99 (that is,
At the end of 2020, Majors Furniture Company failed to accrue $61,000 of interest expense that accrued during the last five months of 2020 on bonds payable. The bonds mature in 2034. The discount on
On February 1, 2021, Strauss-Lombardi issued 9% bonds, dated February 1, with a face amount of $800,000. The bonds sold for $731,364 and mature on January 31, 2041 (20 years). The market yield for
The fiscal year ends December 31 for Lake Hamilton Development. To provide funding for its Moonlight Bay project, LHD issued 5% bonds with a face amount of $500,000 on November 1, 2021. The bonds
EDGAR, the Electronic Data Gathering. Analysis, and Retrieval system, performs automated collection, validation, indexing, acceptance and forwarding of submissions by companies and others who are
On February 1, 2021, Cromley Motor Products issued 9% bonds, dated February 1, with a face amount of $80 million. The bonds mature on January 31, 2025 (4 years). The market yield for bonds of similar
On January 1, 2021, Instaform, Inc., issued 10% bonds with a face amount of $50 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity
Your investment department has researched possible investments in corporate debt securities. Among the available investments are the following $100 million bond issues, each dated January 1, 2021.
The following income statement does not reflect intraperiod tax allocation. Required:Recast the income statement to reflect intraperiod tax allocation. The company?s tax rate is 25%. INCOME
As of December 31, 2021, Lange Company has the following deferred tax assets and liabilities:Deferred tax assetsPension plans ..............................$ 300,000Inventory
(This exercise is a variation of E 16?28, modified to include a second temporary difference.)Case Development began operations in December 2021. When property is sold on an installment basis, Case
Case Development began operations in December 2021. When property is sold on an installment basis, Caserecognizes installment income for financial reporting purposes in the year of the sale. For tax
(This exercise is based on the situation described in E 16?24, modified to include a carryforward in addition to a carryback.)Wynn Farms reported a net operating loss of $160,000 for financial
Wynn Farms reported a net operating loss of $100,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25%. Taxable income, tax rates, and income taxes paid in Wynn?s first
During 2021, its first year of operations, Baginski Steel Corporation reported a net operating loss of $360,000 for financial reporting and tax purposes. The enacted tax rate is 25%.Required:1.
The information that follows pertains to Richards Refrigeration, Inc.:a. At December 31, 2021, temporary differences existed between the financial statement book values and the tax bases of the
The information that follows pertains to Esther Food Products:a. At December 31, 2021, temporary differences were associated with the following future taxable (deductible) amounts:Depreciation
Shwonson Industries reported a deferred tax asset of $5 million for the year ended December 31, 2020, related to a temporary difference of $20 million. The tax rate was 25%. The temporary difference
Bronson Industries reported a deferred tax liability of $5 million for the year ended December 31, 2020, related to a temporary difference of $20 million. The tax rate was 25%. The temporary
Arnold Industries has pretax accounting income of $32 million for the year ended December 31, 2021. The tax rate is 25%. The only difference between accounting income and taxable income relates to an
Allmond Corporation, organized on January 3, 2021, had pretax accounting income of $14 million and taxable income of $20 million for the year ended December 31, 2021. The 2021 tax rate is 25%. The
For the year ended December 31, 2021, Fidelity Engineering reported pretax accounting income of $978,000. Selected information for 2021 from Fidelity’s records follows:Interest income on municipal
Southeast Airlines had pretax earnings of $65 million. Included in this amount is income from discontinued operations of $10 million. The company’s tax rate is 25%. What is the amount of income tax
Southern Atlantic Distributors began operations in January 2021 and purchased a delivery truck for $40,000. Southern Atlantic plans to use straight-line depreciation over a four-year expected useful
Insure Corporation reported a net operating loss of $25 million for financial reporting and tax purposes. Taxable income last year and the previous year, respectively, was $20 million and $15
(This is a variation of E 16–12, modified to assume a previous balance in the valuation allowance.) At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $25
During its first year of operations, Nive.com reported a net operating loss of $15 million for financial reporting and tax purposes. The enacted tax rate is 25%. Prepare the journal entry to
Tru Developers, Inc., sells plots of land for industrial development. Tru recognizes income for financial reporting purposes in the year it sells the plots. For some of the plots sold this year, Tru
At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $25 million attributable to a temporary book-tax difference of $100 million in a liability for estimated
Superior Developers sells lots for residential development. When lots are sold, Superior recognizes income for financial reporting purposes in the year of the sale. For some lots, Superior recognizes
The long-term liabilities section of CPS Transportation?s December 31, 2020, balance sheet included the following:a. A lease liability with 15 remaining lease payments of $10,000 each, due annually
J-Matt, Inc., had pretax accounting income of $291,000 and taxable income of $300,000 in 2021. The only difference between accounting and taxable income is estimated product warranty costs of $9,000
(Note: this problem is a variation of P 16–10, modified to allow a net operating loss carryback.) Fore Farms reported a pretax operating loss of $137 million for financial reporting purposes
Fore Farms reported a pretax operating loss of $137 million for financial reporting purposes in 2021. Contributing to the loss were (a) a penalty of $5 million assessed by the Environmental
Differences between pretax accounting income and taxable income were as follows during 2021:
Corning-Howell reported taxable income in 2021 of $120 million. At December 31, 2021, the reported amount of some assets and liabilities in the financial statements differed from their tax bases as
In late 2017 the federal tax rate for subsequent years was decreased from 35% to 21%. How would this affect an existing deferred tax liability? How would the change be reflected in net income?
Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2021 for $60 million. The cost
Lance Lawn Services reports warranty expense by estimating the amount that eventually will be paid to satisfy warranties on its product sales. For tax purposes, the expense is deducted when the
At the end of the year, the deferred tax asset account had a balance of $4 million attributable to a temporary difference of $16 million in a liability for estimated expenses. Taxable income is $60
Sherrod, Inc., reported pretax accounting income of $76 million for 2021. The following information relates to differences between pretax accounting income and taxable income:a. Income from
In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as
Refer to the situation described in BE 16–5. Suppose the deferred portion of the rent collected was $40 million at the end of 2022. Taxable income is $200 million. Prepare the appropriate journal
You are the new accounting manager at the Barry Transport Company. Your CFO has asked you to provide input on the company’s income tax position based on the following:1. Pretax accounting income
(This exercise is a variation of E 16?4, modified to have the asset fully depreciated in the year of purchase.) Ayres Services acquired an asset for $80 million in 2021. The asset is depreciated for
In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants
The DeVille Company reported pretax accounting income on its income statement as follows:2021 ..........$ 350,0002022 .............270,0002023 .............340,0002024 .............380,000Included in
Ayres Services acquired an asset for $80 million in 2021. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). For tax purposes the
Zekany Corporation would have had identical income before taxes on both its income tax returns and income statements for the years 2021 through 2024 except for differences in depreciation on an
(This exercise is a variation of E 16–2, modified to have the asset fully depreciated in the year of purchase.) On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment
Milo Manufacturing uses straight-line depreciation for financial statement reporting and is able to deduct 100% of the cost of equipment in the year the equipment is purchased for tax purposes. Four
Dixon Development began operations in December 2021. When lots for industrial development are sold, Dixon recognizes income for financial reporting purposes in the year of the sale. For some lots,
On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total of $36 million. Ameen uses straight-line depreciation for financial statement reporting and MACRS for
Times-Roman Publishing Company reports the following amounts in its first three years of operation: The difference between pretax accounting income and taxable income is due to subscription revenue
Alvis Corporation reports pretax accounting income of $400,000, but due to a single temporary difference, taxable income is only $250,000. At the beginning of the year, no temporary differences
A company reports 2021 pretax accounting income of $10 million, but because of a single temporary difference, taxable income is only $7 million. No temporary differences existed at the beginning of
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for
To raise operating funds, National Distribution Center sold its office building to an insurance company on January 1, 2021, for $800,000 and immediately leased the building back. The operating lease
To raise operating funds, Signal Aviation sold an airplane on January 1, 2021, to a finance company for $770,000. Signal immediately leased the plane back for a 13-year period, at which time
The following relate to an operating lease agreement:a. The lease term is 3 years, beginning January 1, 2021.b. The leased asset cost the lessor $800,000 and had a useful life of eight years with no
The lease agreement and related facts indicate the following:a. Leased equipment had a retail cash selling price of $300,000. Its useful life was five years with no residual value.b. The lease term
Terms of a lease agreement and related facts were as follows:a. Incremental costs of commissions for brokering the lease and consummating the completed lease transaction incurred by the lessor were

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