AC 302

AC 302 WEEK 4 Exercise 20 Question 1 The following information is available for the pension plan of Radcliffe Company for the year 2014. Actual and expected return on plan assets $ 15,000 Benefits paid to retirees 40,000 Contributions (funding) 90,000 Interest/discount rate 10 % Prior service cost amortization 8,000 Projected benefit obligation, January 1, 2014 500,000 Service cost 60,000

3 Other / Other strayer university / AC 302 08 Sep 2015

AC 302 WEEK 3 Multiple Choice Questions IFRS Multiple Choice Question 06 Which of the following is false regarding accounting for deferred taxes under IFRS? IFRS Multiple Choice Question 07 Jerome Co. has the following deferred tax liabilities at December 31, 2014: Amount Related to $100,000 Installment sales, expected to be collected in 2015 $350,000 Fixed asset, 10-year remaining useful life, 2014 tax depreciation exceeds book deprecia

3 Other / Other strayer university / AC 302 08 Sep 2015

AC 302 WEEK 3 Willy Exercises Questions Exercise 19 Question 1 South Carolina Corporation has one temporary difference at the end of 2014 that will reverse and cause taxable amounts of $57,090 in 2015, $61,950 in 2016, and $67,324 in 2017. South Carolina’s pretax financial income for 2014 is $349,800, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2014. Your answer is correct.

20 Other / Other strayer university / AC 302 08 Sep 2015

AC 302 WEEK 3 Exercise 19 Question 25 Meyer reported the following pretax financial income loss for the years 2012–2016. 2012 $248,200 2013 351,000 2014 130,000 2015 (578,000 ) 2016 182,300 Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 37% for 2012 and 2013, and 43% for 2014–2016. Assume the carryback provision is used first for net operating

3 Other / Other strayer university / AC 302 08 Sep 2015

AC 302 WEEK 3 Exercise 19 Question 9 The pretax financial income or loss figures for Jenny Spangler Company are as follows. 2009 $161,700 2010 254,300 2011 85,800 2012 (161,700 ) 2013 (381,200 ) 2014 123,100 2015 109,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2009 and 2010 and a 40% tax rate for the remaining years. Prepare the journal e

3 Other / Other strayer university / AC 302 08 Sep 2015

AC 302 WEEK 3 Exercise 19 Question 6 Listed below are items that are commonly accounted for differently for financial reporting purposes than they are for tax purposes For each item below, indicate whether it involves: (1) A temporary difference that will result in future deductible amounts and, therefore, will usually give rise to a deferred income tax asset. (2) A temporary difference that will result in future taxable amounts and, ther

3 Other / Other strayer university / AC 302 08 Sep 2015

AC 302 WEEK 3 Exercise 19 Question 1 South Carolina Corporation has one temporary difference at the end of 2014 that will reverse and cause taxable amounts of $57,090 in 2015, $61,950 in 2016, and $67,324 in 2017. South Carolina’s pretax financial income for 2014 is $349,800, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2014. Your answer is correct. (a) Compute taxable i

3 Other / Other strayer university / AC 302 08 Sep 2015

AC 302 WEEK 2 Willy Exercise AND Problems Exercise 18A 22 On January 1 2014 Gordon Co. enters into a contract to sell a customer a wiring base and shelving unit that sits on the base in exchange for $3,180. The contract requires delivery of the base first but states that payment for the base will not be made until the shelving unit is delivered. Gordon identifies two performance obligations and allocates $1,272 of the transaction price to the

20 Other / Other strayer university / AC 302 08 Sep 2015

AC 302 WEEK 2 Exercise 18A 24 Rexs Reclaimers entered into a contract with Dans Demolition to manage the processing of recycled materials on Dan’s various demolition projects Services for the 3-year contract include collecting, sorting, and transporting reclaimed materials to recycling centers or contractors who will reuse them. Rex’s incurs selling commission costs of $2,140 to obtain the contract. Before performing the services,

3 Other / Other strayer university / AC 302 08 Sep 2015

AC 302 Week 7 EXAM Quiz 1 Question The initial direct costs of leasing Question 2 Question Major reasons why a company may become involved in leasing to other companies is (are) Question 3. Question : On December 31, 2015, Burton, Inc. leased machinery with a fair value of $1,260,000 from Cey Rentals Co. The agreement is a six-year noncancelable lease requiring annual payments of $240,000 beginning December 31, 2015. The lease is approp

13 Other / Other strayer university / AC 302 02 Sep 2015