Questions from Intermediate Accounting

Q: What is the role of an actuary relative to pension plans?

What is the role of an actuary relative to pension plans? What are actuarial assumptions?

Q: The following information is available for Remmers Corporation for 2012.

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...

Q: The following information was described in a note of Canon Packing Co

The following information was described in a note of Canon Packing Co. “During August, Holland Products Corporation purchased 311,003 shares of the Company’s common stock which constitutes approximate...

Q: What is the proper accounting for volume discounts on sales of products

What is the proper accounting for volume discounts on sales of products?

Q: At December 31, 2012, Suffolk Corporation had an estimated warranty

At December 31, 2012, Suffolk Corporation had an estimated warranty liability of $105,000 for accounting purposes and $0 for tax purposes. (The warranty costs are not deductible until paid.) The effec...

Q: Sesame Company purchased a computer system for $74,000 on

Sesame Company purchased a computer system for $74,000 on January 1, 2011. It was depreciated based on a 7-year life and an $18,000 salvage value. On January 1, 2013, Sesame revised these estimates to...

Q: Norman Company’s income statement for the year ended December 31, 2012

Norman Company’s income statement for the year ended December 31, 2012, contained the following condensed information. Norman’s balance sheet contained the follow...

Q: Andrews Company has five employees participating in its defined benefit pension plan

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. Employee _________Fu...

Q: Jacobsen Leasing Company leases a new machine that has a cost and

Jacobsen Leasing Company leases a new machine that has a cost and fair value of $75,000 to Stadler Corporation on a 3-year noncancelable contract. Stadler Corporation agrees to assume all risks of nor...

Q: Presented on page 1410 are income statements prepared on a LIFO and

Presented on page 1410 are income statements prepared on a LIFO and FIFO basis for Carlton Company, which started operations on January 1, 2011. The company presently uses the LIFO method of pricing i...