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Questions and Answers of Accounting

What is intraperiod income tax allocation? How is income tax expense reported on a corporation’s income statement and retained earnings statement?
How are deferred tax liabilities and assets reported on a corporation’s balance sheet?
Briefly describe the adjustment of a deferred tax liability (or asset) and the related income statement disclosure for a change in the income tax rate.
Multiple Choice1. A permanent difference is a difference between pretax financial income and taxable income in an accounting period that will never reverse in a later period. Which of the following
The Durn Company began operations at the beginning of 2007. At the end of 2007 the company reported taxable income of $9,800 and pretax financial income of $11,200, because of a single temporary
At the end of 2007, its first year of operations, the Slater Company reported a book value for its depreciable assets of $40,000 for financial reporting purposes and $33,000 for income tax purposes.
At the end of 2007, Fulhage Company reported taxable income of $9,000 and pretax financial income of $10,600. The difference is due to depreciation for tax purposes in excess of depreciation for
Pito Company has been in operation for several years. During those years the company has been profitable, and it expects to continue to be profitable in the foreseeable future. At the beginning of
At the end of 2007, its first year of operations, the Beattie Company reported taxable income of $38,000 and pretax financial income of $34,400. The difference is due to the way the company handles
Thun Company has been in operation for several years. It has both a deductible and a taxable temporary difference. At the beginning of 2007, its deferred tax asset was $690 and its deferred tax
The Tanner Corporation begins operations in 2006 and reports the following amounts of pretax financial income and taxable income for the years 2006 through 2010. The company has only one temporary
Vickers Company reports taxable income of $4,500 for 2007. The company has two temporary differences between pretax financial income and taxable income at the end of 2007. The first difference is
At the end of 2007, Keil Company reports a pretax operating loss of $80,000 for both financial reporting and income tax purposes. Prior to 2007 the company had been successful and had reported and
At the end of 2007, its first year of operations, the Swelland Company reported a pretax operating loss of $32,000 for both financial reporting and income tax purposes. At that time the company had
Baxter Company began operations in 2003 and was profitable through 2006, during which time the tax rate was 30%. At the end of 2007, the company reported a pretax operating loss of $135,000 for both
The Wright Company reports the following information for the year ended December 31, 2007:Pretax income from continuing operations ...........$160,000aPretax gain from sale of investment
The Stam Corporation reports the following pretax accounting (and taxable) income items during 2007:Income from continuing operations ..........$90,000aLoss from operations of a discontinued division
The Lester Corporation reports $119,000 of both pretax accounting “income” and taxable income in 2007. In addition to income from continuing operations (of which revenues are $500,000), included
The Thiel Company reports the following deferred tax items at the end of 2007:RequiredShow how the preceding deferred tax items are reported on the Thiel Company€™s December 31, 2007
At the end of 2007, Rowet Company reported a deferred tax liability of $6,120 based on an income tax rate of 30%. On June 1, 2008 Congress changed the income tax rate to 35%.Required1. Calculate the
In the current year you are calculating a diversified company’s deferred taxes. Based on an analysis of the company’s current taxable income and pretax financial income, you have identified the
The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions.______1. The deferred tax consequences of future
Wilcox Company has prepared the following reconciliation of its pretax financial income with its taxable income for 2007:Pretax financial income ............................$3,000Add: Estimated
Klerk Company had four temporary differences between its pretax financial income and its taxable income during 2007, as follows:Number Temporary Difference1......Gross profit on certain installment
Peterson Company has computed its pretax financial income to be $66,000 in 2007 after including the effects of the appropriate items from the following information:1. Depreciation taken for tax
Quick Company reports the following revenues and expenses in its pretax financial income for the year ended December 31, 2007:Revenues ........$229,600Expenses ............(160,100)Pretax financial
At the beginning of 2007, its first year of operations, Cooke Company purchased an asset for $100,000. This asset has an eight-year economic life with no residual value, and it is being depreciated
Gire Company began operations at the beginning of 2007, at which time it purchased a depreciable asset for $60,000. For 2007 through 2010, the asset was depreciated on the straight-line basis over a
Wicks Corporation began operations on January 1, 2007. At the end of 2007 the company reported pretax financial income of $60,000 and taxable income of $57,700, due to two temporary differences. The
Ross Company has been in business for several years, during which time it has been profitable. For each of those years, the company reported (and paid taxes on) taxable income in the same amount as
Refer to the information in Problem 19-10 and modify it as follows: The company decided to carry back its 2007 operating loss. Furthermore, since the company had already begun to develop the new
At the end of 2006, Dolf Company prepared the following schedule of its deferred tax items (based on the currently enacted tax rate of 30%):On April 30, 2007 Congress changed the income tax rate to
Colt Company reports pretax financial “income” of $143,000 in 2007. In addition to pretax income from continuing operations (of which revenues are $295,000), the following items are included in
At the beginning of 2007 Norris Company had a deferred tax liability of $6,400, because of the use of MACRS depreciation for income tax purposes and units-of-production depreciation for financial
Jayryan Company sells products in a volatile market. The company began operating in 2005 and reported (and paid taxes on) taxable income in 2005 and 2006. It has one taxable temporary difference
Interperiod tax allocation is necessary because there are differences in the timing of revenues and expenses between a corporation’s financial statements and its federal income tax
A friend in a business policy class says, “I always thought the income taxes reported on a corporation’s income statement were the same as the income taxes paid during that period. Now I am not
Three methods of interperiod income tax allocation have been advocated. These include (1) the asset/liability method, (2) the deferred method, and (3) the net-of-tax method.RequiredDefine interperiod
The Internal Revenue Code allows a corporation to carry back or carry forward an “operating loss” for a given year. Required1. Describe an operating loss carryback and a carryforward.2. For a
Income tax allocation is an integral part of generally accepted accounting principles. Income tax allocation consists of both intraperiod and interperiod tax allocation.Required1. Explain the
To implement interperiod income tax allocation, an accountant must be able to distinguish between permanent and temporary differences. The following is a list of three differences between a
A friend says to you, “I don’t understand how taxable temporary differences can be ‘liabilities’ and how deductible temporary differences can be ‘assets.’ It seems to me that these
Chris Green, CPA, is auditing Rayne Co.’s 2007 financial statements. For the year ended December 31, 2007, Rayne is applying Statement of Financial Accounting Standards No. 109, “Accounting for
Refer to the financial statements and related notes of The Coca-Cola Company in Appendix A of this book.Required1. What was the total income tax expense relating to income before income taxes for
It is the end of 2008, and the auditing firm for which you work is auditing the Weiss Company for the first time. Prior to 2008, Weiss was audited by another firm. A substantial amount of Weiss
What is a pension plan? Explain how yearly income of retired employees is determined under a defined benefit pension plan.
Distinguish between a defined benefit pension plan and a defined contribution pension plan.
Distinguish between funded and unfunded pension plans; between contributory and noncontributory pension plans.
What is service cost? How does this differ from prior service cost?
Define projected benefit obligation. How does this differ from an accumulated benefit obligation?
In regard to pension plans, define assumptions. What is the relationship between a gain or loss and an assumption?
List and briefly define the five components of pension expense according to FASB Statement No. 87.
What is a company’s accrued pension cost liability and when does it arise? What is a company’s prepaid pension cost asset and when does it arise?
When does a company record an additional pension liability for a pension plan?
List the disclosures a company must make for its defined benefit pension plan in accordance with FASB Statement No. 132 and 132R.
List the conceptual issues of importance in regard to pension expense.
List the conceptual issues of importance in regard to pension liabilities and pension assets.
List and define the potential components of pension expense.
Conceptually, what are the four possible alternative methods for accounting for the prior service cost that arises from pension plan modifications?
What are the five possible alternative methods of determining the extent of a company’s pension plan liability?
What is a defined contribution pension plan and what are the related accounting principles?
What must be included in the annual financial statements issued by a funding agency?
Does FASB Statement No. 87 specify the minimum amount that a company must pay into its pension fund each year? If not, how is the amount determined?
What is a pension plan settlement? Curtailment? How should the net gain or loss from a settlement or curtailment be accounted for by a company according to FASB Statement No. 88?
What are other postemployment benefits? How are they distinguished from postretirement benefits?
List and briefly define the five components of OPEB expense according to FASB Statement No. 106.
How does accounting for other postemployment benefits differ from accounting for defined benefit pension plans?
Multiple Choice1. The actuarial present value of all the benefits attributed by the pension benefit formula to employee service rendered before a specified date based on expected future compensation
The Bailey Company has had a defined benefit pension plan for several years. At the end of 2007 the company’s actuary provided the following information for 2007 regarding the pension plan: (1)
On December 31, 2007 the Robey Company accumulated the following information for 2007 in regard to its defined benefit pension plan:Service cost ................$105,000Interest cost on projected
On December 31, 2007 the Palmer Company determined that the 2007 service cost on its defined benefit pension plan was $120,000. At the beginning of 2007 Palmer Company had pension plan assets of
The Verna Company has had a defined benefit pension plan for several years. At the end of 2007 the company accumulated the following information:(1) Service cost for 2007, $127,000;(2) Projected
Baron Company adopted a defined benefit pension plan on January 1, 2006. The following information pertains to the pension plan for 2007 and 2008:There are no other components of Baron Company's
Several years ago the Lewad Company established a defined benefit pension plan for its employees. The following information is available for 2007 in regard to its pension plan: (1) Discount rate,
Carli Company adopted a defined benefit pension plan on January 1, 2006, and funded the entire amount of its 2006 pension expense. The following information pertains to the pension plan for 2007 and
On January 1, 2007 the Smith Company adopted a defined benefit pension plan. At that time the company awarded retroactive benefits to its employees, resulting in an unrecognized prior service cost
At the beginning of 2007 the Brent Company amended its defined benefit pension plan. The amendment entitled five active participating employees to receive increased future benefits based on their
Refer to the information provided in E20-9.RequiredUsing the years-of-future-service method, prepare a set of schedules to determine (1) The amortization fraction for each year, and (2) The
Wolz Company, a small business, has had a defined benefit pension plan for its employees for several years. At the beginning of 2007 the company amended the pension plan; this amendment provides for
Lee Company has a defined benefit pension plan. During 2006, for the first time, the company experienced a difference between its expected and actual projected benefit obligation. At the beginning of
The actuary of the Hudson Company has provided the following information concerning the company’s defined benefit pension plan at the end of 2007:Fair value of plan assets (1/1/2007)
Derosa Company has a defined benefit pension plan for its employees. Prior to 2007 the company has not had an additional pension liability. At the end of 2007 the company’s actuary developed the
On January 1, 2007 Flash and Dash Company adopted a healthcare plan for its retired employees. To determine eligibility for benefits, the company retroactively gives credit to the date of hire for
The Ark Company adopted a defined benefit pension plan for its employees on January 1, 2007. All its employees are the same age, retire at the same time, and have the same life expectancy after
The Nelson Company has a defined benefit pension plan for its employees. At the end of 2007 and 2008 the following information is available in regard to this pension plan:There are no other
On January 1, 2007 the Parkway Company adopted a defined benefit pension plan. At that time, the company awarded retroactive benefits to its employees, resulting in an unrecognized prior service cost
When Turner Company adopted its defined benefit pension plan on January 1, 2007, it awarded retroactive benefits to its employees. These retroactive benefits resulted in an unrecognized prior service
The Lane Company was incorporated in 1998. Because it had become successful, the company established a defined benefit pension plan for its employees on January 1, 2007. Due to the loyalty of its
The Carpenter Company adopted a defined benefit pension plan for its employees on January 1, 2007. At the time of adoption the pension contract provided for retroactive benefits for the company’s
On January 1, 2007 the Baznik Company adopted a defined benefit pension plan. At that time the company awarded retroactive benefits to certain employees. These retroactive benefits resulted in an
For several years, Kent Company has had a defined benefit contribution plan for its employees. During those years the company experienced differences between its expected and actual projected benefit
In the Fisk Company's negotiations with its employees' union on January 1, 2007, the company agreed to an amendment which substantially increased the employee benefits based on services rendered in
Various pension plan information of the Kerem Company for 2007 and 2008 is as follows:RequiredFill in the blanks lettered (a) through (l). All the necessary information is listed. It is not necessary
The Jay Company has had a defined benefit pension plan for several years. At the beginning of 2007 the company amended the plan; this amendment provided for increased benefits to employees based on
The TAN Company has a defined benefit pension plan for its employees. The plan has been in existence for several years. During 2006, for the first time, the company experienced a difference between
On January 1, 2007 the Vasby Software Company adopted a healthcare plan for its retired employees. To determine eligibility for benefits, the company retroactively gives credit to the date of hire
On January 1, 2007 the Cromwell Company adopted a defined benefit plan for its employees. All the employees are the same age, retire at the same time, and have the same life expectancy after
The Fink Company is considering establishing a defined benefit pension plan for its employees. The president of Fink Company is slightly familiar with FASB Statement No. 87 and understands that
Carson Company sponsors a single-employer defined benefit pension plan. The plan provides that pension benefits are determined by age, years of service, and compensation. Among the components that
Essex Company has a single employer defined benefit pension plan, and a compensation plan for future vacations for its employees.Required1. Define the interest cost component of net pension cost for

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