Questions from Intermediate Accounting

Q: The following defined pension data of Doreen Corp. apply to the

The following defined pension data of Doreen Corp. apply to the year 2012. Defined benefit obligation, 1/1/12 (before amendment) ……………………………… $560,000 Plan assets, 1/1/12 ……………………………………………………………………………...

Q: Use the information for Rode Inc. given in IFRS19-7

Use the information for Rode Inc. given in IFRS19-7. Assume that it is probable that the entire net operating loss carryforward will not be realized in future years. Prepare the journal entry(ies) nec...

Q: Mitchell Corporation had income before income taxes of $195,000

Mitchell Corporation had income before income taxes of $195,000 in 2012. Mitchell’s current income tax expense is $48,000, and deferred income tax expense is $30,000. Prepare Mitchell’s 2012 income st...

Q: Shetland Inc. had pretax financial income of $154,000

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, deprecia...

Q: Roundtree Manufacturing Co. is preparing its year-end financial statements

Roundtree Manufacturing Co. is preparing its year-end financial statements and is considering the accounting for the following items. 1. The vice president of sales had indicated that one product line...

Q: Loveless Corporation had the following 2012 income statement. Revenues ….…………

Loveless Corporation had the following 2012 income statement. Revenues ….………… $100,000 Expenses &aci...

Q: Joblonsky Inc. has recently hired a new independent auditor, Karen

Joblonsky Inc. has recently hired a new independent auditor, Karen Ogleby, who says she wants “to get everything straightened out.” Consequently, she has proposed the accounting changes shown below an...

Q: Norton Co. had the following amounts related to its pension plan

Norton Co. had the following amounts related to its pension plan in 2012. Actuarial liability loss for 2012 ………………………………………………………………….. $28,000 Unexpected asset gain for 2012 ………………………………………………………………....

Q: Use the information from BE18-7, but assume Turner uses

Use the information from BE18-7, but assume Turner uses the completed-contract method. Prepare the company’s 2012 journal entries. In BE18-7 Turner, Inc. began work on a $7,000,000 contract in 2012 t...

Q: Waubansee Corp. uses the direct method to prepare its statement of

Waubansee Corp. uses the direct method to prepare its statement of cash flows. Relevant balances for Waubansee at December 31, 2012 and 2011, are as follows. Additional information: 1. Waubansee pur...