ACCT 557 Week 3 Homework & Quiz Intermediate Accounting III

ACCT 557 Week 3 Homework & Quiz Intermediate Accounting III

Week 3

ACCT 557 Week 3 Homework, Problem 20-1, 20-2

Week 3 Quiz

ACCT 557 Week 3 Quiz 1

Question 1.                         (TCO C) Presented below is pension information related to Woods, Inc. for the year 2013.

Question 2.                         (TCO C) A pension asset is reported when

Question 3.                         (TCO C) Post-retirement benefits may include all of the following except

Question 4.                         (TCO C) Kathy’s Kittens, Inc. has provided the following information for their post-retirement benefits plan for 2013.    

Question 5.                         (TCO C) On January 1, 2013, Laura’s Living Company has the following defined benefit pension plan balances.

Question 6.                         (TCO C) Kasper, Inc. sponsors a defined-benefit pension plan. The following data relates to the operation of the plan for the year 2013.           

ACCT 557 Week 3 Quiz 2

1. Question : (TCO B) Zeff Co. prepared the following reconciliation of its pretax financial statement income to taxable income for the year ended December 31, Year 1, its first year of operations:
2. Question :           (TCO B) On its December 31, Year 2, balance sheet, Shin Co. had income taxes payable of $13,000 and a current deferred tax asset of $20,000 before determining the need for a valuation account.  Shin had reported a current deferred tax asset of $15,000 at December 31, Year 1.  No estimated tax payments were made during Year 2.  At December 31, Year 2, Shin determined that it was more likely than not that 10% of the deferred tax asset would not be realized.  In its Year 2 income statement, what amount should Shin report as total income tax expense?

1. Question :           (TCO B) Hut Co. has temporary taxable differences that will reverse during the next year and add to taxable income.  These differences relate to noncurrent assets.  Under U.S. GAAP, deferred income taxes based on these temporary differences should be classified in Hut’s balance sheet as a:

1. Question :           (TCO B) For the year ended December 31, 1993, Grim Co.’s pretax financial statement income was $200,000 and its taxable income was $150,000.  The difference is due to the following:

1. Question : (TCO B) Stone Co. began operations in Year 1 and reported $225,000 in income before income taxes for the year.  Stone’s Year 1 tax depreciation exceeded its book depreciation by $25,000.  Stone also had nondeductible book expenses of $10,000 related to permanent differences.  Stone’s tax rate for Year 1 was 40%, and the enacted rate for years after Year 1 is 35%.  In its December 31, Year 1, balance sheet, what amount of deferred income tax liability should Stone report?

ACCT 557 Week 3 Quiz 3

1. Question : (TCO C) Presented below is pension information related to Woods, Inc. for the year 2013.       

1. Question :           (TCO C) A pension liability is reported when
2. Question :           (TCO C) Post-retirement benefits may include all of the following except

1. Question :           (TCO C) Kathy’s Kittens, Inc. has provided the following info for their postretirement benefits plan for 2013.           

1. Question :           (TCO C) On January 1, 2013, Laura’s Living Company has the following defined benefit pension plan balances.

1. Question :           (TCO C) Kasper, Inc. sponsors a defined-benefit pension plan. The following data relates to the operation of the plan for the year 2013.