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intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

The following facts relate to Duncan Corporation.1. Deferred tax liability, January 1, 2025, $30,000.2. Deferred tax asset, January 1, 2025, $10,000.3. Taxable income for 2025, $105,000.4. Cumulative
Assume the same information as E18.12, except that at the end of 2024, Jennifer Capriati Corp. had a valuation account related to its deferred tax asset of $22,500.Instructionsa. Record income tax
At the end of 2024, Lucretia McEvil Company has $180,000 of cumulative temporary differences that will result in reporting the following future taxable amounts.Tax rates enacted as of the beginning
Jennifer Capriati Corp. has a deferred tax asset account with a balance of $75,000 at the end of 2024 due to a single cumulative temporary difference of $375,000. At the end of 2025, this same
Rode Inc. incurred a net operating loss of $500,000 in 2025. The tax rate for all years is 20%. Prepare the journal entries to record the benefits of the loss carryforward. Rode expects to
Clydesdale Corporation has a cumulative temporary difference related to depreciation of $580,000 at December 31, 2025. This difference will reverse as follows: 2026, $42,000; 2027, $244,000; and
Hiatt Toothpaste Company initiates a defined benefit pension plan for its 50 employees on January 1, 2025. The insurance company which administers the pension plan provided the following selected
Hanson Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances related to this plan.As a result of the operation of the plan during 2025, the
Kenseth Corp. has the following beginningof- the-year present values for its projected benefit obligation and market-related values for its pension plan assets.The average remaining service life per
The following defined pension data of Rydell Corp. apply to the year 2025.InstructionsFor 2025, prepare a pension worksheet for Rydell that shows the journal entry for pension expense and the
Hawkins Corporation has the following balances at December 31, 2025.How should these balances be reported on Hawkins’ balance sheet at December 31, 2025? Projected benefit obligation Plan assets at
Aykroyd Inc. has sponsored a noncontributory, defined benefit pension plan for its employees since 2012. Prior to 2025, cumulative net pension expense recognized equaled cumulative contributions to
PENCOMP’s balance sheet at December 31, 2025, is as follows.Additional information concerning PENCOMP’s defined benefit pension plan is as follows.Other information about PENCOMP is as
Gottschalk Company sponsors a defined benefit plan for its 100 employees. On January 1, 2025, the company’s actuary provided the following information.The average remaining service period for the
Shin Corporation had a projected benefit obligation of $3,100,000 and plan assets of $3,300,000 at January 1, 2025. Shin also had a net actuarial loss of $465,000 in accumulated OCI at January 1,
Andrews Company has five employees participating in its defined benefit pension plan. Expected years of future service for these employees at the beginning of 2025 are as follows.On January 1, 2025,
Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2024, with the following beginning balances: plan assets $200,000; projected benefit obligation
The following facts apply to the pension plan of Boudreau Inc. for the year 2025.InstructionsUsing this data, compute pension expense for the year 2025. As part of your solution, prepare a pension
At December 31, 2025, Besler Corporation had a projected benefit obligation of $560,000, plan assets of $322,000, and prior service cost of $127,000 in accumulated other comprehensive income.
On January 1, 2025, Harrington Company has the following defined benefit pension plan balances.The interest (settlement) rate applicable to the plan is 10%. On January 1, 2026, the company amends its
Mancuso Corporation amended its pension plan on January 1, 2025, and granted $160,000 of prior service costs to its employees. The employees are expected to provide 2,000 service years in the future,
Campbell Soup Company reported pension expense of $73 million and contributed $71 million to the pension fund. Prepare Campbell’s journal entry to record pension expense and funding, assuming
Veldre Company provides the following information about its defined benefit pension plan for the year 2025.InstructionsCompute the pension expense for the year 2025. Service cost Contribution to the
Wangerin Company reported the following pretax financial income (loss) for the years 2023 2027.Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The
Meyer reported the following pretax financial income (loss) for the years 2025–2027.Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax
The differences between the book basis and tax basis of the assets and liabilities of Castle Corporation at the end of 2024 are presented below.It is estimated that the litigation liability will be
Felicia Rashad Corporation has pretax financial income (or loss) from 2020 through 2026 as follows.Pretax financial income (loss) and taxable income (loss) were the same for all years since Rashad
Nadal Inc. has two temporary differences at the end of 2024. The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Nadal’s accounting
Teri Hatcher Inc., in its first year of operations, has the following differences between the book basis and tax basis of its assets and liabilities at the end of 2024.It is estimated that the
following information is available for the pension plan of Radcliffe Company for the year 2025.Instructionsa. Compute pension expense for the year 2025.b. Prepare the journal entry to record pension
Andy McDowell Co. establishes a $100 million liability at the end of 2025 for the estimated site-cleanup costs at two of its manufacturing facilities. All related closing costs will be paid and
At January 1, 2025, Hennein Company had plan assets of $280,000 and a projected benefit obligation of the same amount. During 2025, service cost was $27,500, the settlement rate was 10%, actual and
Use the information for Rode Inc. given in BE18.12. Assume that it is more likely than not that the entire net operating loss carryforward will not be realized in future years. Prepare all the
Novotna Inc.’s only temporary difference at the beginning and end of 2024 is caused by a $3 million deferred gain for tax purposes for an installment sale of a plant asset, and the related
Youngman Corporation has temporary differences at December 31, 2025, that result in the following deferred taxes.Indicate how these balances would be presented in Youngman’s December 31, 2025,
During 2025, Kate Holmes Co.’s first year of operations, the company reports pretax financial income at $250,000. Holmes’s enacted tax rate is 45% for 2025 and 20% for all later years. Holmes
Sylvie Inc. incurred a net operating loss of $500,000 in 2025. Combined income for 2023 and 2024 was $350,000. The tax rate for all years is 20%. Sylvie elects the carryback option. Prepare the
Hobbs Co. has the following defined benefit pension plan balances on January 1, 2025.The interest (settlement) rate applicable to the plan is 10%. On January 1, 2026, the company amends its pension
Lemke Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2025 and 2026.Instructionsa. Prepare a pension worksheet
Kramer Co. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and
Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances relate to this plan.As a result of the operation of the plan during 2025, the
Henning Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2025 in which no benefits were paid.1. The actuarial
Manno Corporation has the following information available concerning its postretirement benefit plan for 2025.Compute Manno’s 2025 postretirement expense. Service cost Interest cost Actual and
For 2025, Sampsell Inc. computed its annual postretirement expense as $240,900. Sampsell’s contribution to the plan during 2025 was $180,000. Prepare Sampsell’s 2025 entry to record post
On January 1, 2025, Cage Company contracts to lease equipment for 5 years, agreeing to make a payment of $120,987 at the beginning of each year, starting January 1, 2025. The leased equipment is to
Ferreri Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31,
The accounting staff of Holder Inc. has prepared the following postretirement benefit worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your
Garner Inc. provides the following information related to its postretirement benefits for the year 2025.InstructionsCompute postretirement benefit expense for 2025. Accumulated postretirement benefit
Englehart Co. provides the following information about its postretirement benefit plan for the year 2025.InstructionsCompute the postretirement benefit expense for 2025. Service cost Prior service
Joe’s Journeys enters into an agreement with Traveler Inc. to lease a car on December 31, 2024. The following information relates to this agreement.1. The term of the non-cancelable lease is 3
On December 31, 2024, Burke Corporation signed a 5-year, non-cancelable lease for a machine. The terms of the lease called for Burke to make annual payments of $8,668 at the beginning of each year,
On January 1, 2025, Evans Company entered into a non-cancelable lease for a machine to be used in its manufacturing operations. The lease transfers control of the machine to Evans by the end of the
Salaur Company, a risky start-up, is evaluating a lease arrangement being offered by TSP Company for use of a standard computer system. The lease is non-cancelable, and in no case does Salaur receive
In 2024, Grishell Trucking Company negotiated and closed a long-term lease contract for newly constructed truck terminals and freight storage facilities. The buildings were erected to the company’s
Morgan Leasing Company signs an agreement on January 1, 2025, to lease equipment to Cole Company. The following information relates to this agreement.1. The term of the non-cancelable lease is 6
Assume that on December 31, 2024, Kimberly-Clark Corp. signs a 10-year, non-cancelable lease agreement to lease a storage building from Sheffield Storage Company. The following information pertains
Shapiro Inc. was incorporated in 2024 to operate as a computer software service firm, with an accounting fiscal year ending August 31. Shapiro’s primary product is a sophisticated online
Delaney Company leases an automobile with a fair value of $10,000 from Simon Motors, Inc., on the following terms.1. Non-cancelable term of 50 months.2. Rental of $200 per month (at the beginning of
Lewis Corporation entered into a lease agreement on January 1, 2025, to provide Dawkins Company with a piece of machinery. The terms of the lease agreement were as follows.1. The lease is to be for 3
Kubby Company specializes in leasing large storage units to other businesses. Kubby entered a contract to lease a storage unit to Riskey, Inc. for 4 years when that particular storage unit had a
LeBron James (LBJ) Corporation agrees on January 1, 2025, to lease equipment from Cavaliers, Inc. for 3 years. The lease calls for annual lease payments of $23,000 at the beginning of each year. The
Goring Dairy leases its milking equipment from King Finance Company under the following lease terms.1. The lease term is 10 years, non-cancelable, and requires equal rental payments of $30,300 due at
George Company manufactures a check-in kiosk with an estimated economic life of 12 years and leases it to National Airlines for a period of 10 years. The normal selling price of the equipment is
Geiberger Corporation manufactures drones. On December 31, 2024, it leased to Althaus Company a drone that had cost $120,000 to manufacture. The lease agreement covers the 5-year useful life of the
Crosley Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2025. The lease is for an 8-year period and requires equal annual payments of $35,004 at the beginning of
Assume that IBM leased equipment that was carried at a cost of $120,000 to Swander Company. The term of the lease is 6 years beginning December 31, 2024, with equal rental payments of $30,044
Cardinal Company is negotiating to lease a piece of equipment to MTBA, Inc. MTBA requests that the lease be for 9 years. The equipment has a useful life of 10 years. Cardinal wants a guarantee that
On January 1, 2025, Perriman Company transferred equipment for cash and leased it back. As seller-lessee, Perriman retained the right to substantially all of the remaining use of the equipment. The
Macinski Leasing Company leases a new machine to Sharrer Corporation. The machine has a cost of $70,000 and fair value of $95,000. Under the 3-year, non-cancelable contract, Sharrer will receive
You are auditing the December 31, 2025, financial statements of Hockney, Inc., manufacturer of novelties and party favors. During your inspection of the company garage, you discovered that a used
Kingston Corporation leases equipment from Falls Company on January 1, 2025. The lease agreement does not transfer ownership, contain a bargain purchase option, and is not a specialized asset. It
Cleveland Inc. leased a new crane to Abriendo Construction under a 5-year, non-cancelable contract starting January 1, 2025. Terms of the lease require payments of $48,555 each January 1, starting
Rodgers Corporation agrees on January 1, 2025, to lease equipment from Packers, Inc. for 3 years. The lease calls for annual lease payments of $12,000 at the beginning of each year. The lease does
On December 31, 2024, Escapee Company leased machinery from Terminator Corporation for an agreed-upon lease term of 3 years. Escapee agreed to make annual lease payments of $17,000, beginning on
Indiana Jones Corporation enters into a 6-year lease of equipment on December 31, 2024, which requires six annual payments of $40,000 each, beginning December 31, 2024. In addition, Indiana Jones
Bucky Corporation entered into an operating lease agreement to lease equipment from Badger, Inc. on January 1, 2025. The lease calls for annual lease payments of $30,000, beginning on January 1, for
Homestead Corporation entered into an operating lease to lease equipment from Highlander, Inc. on January 1, 2025. The lease calls for annual lease payments of $10,000, beginning on December 31, for
Brent Corporation owns equipment that cost $80,000 and has a useful life of 8 years with no salvage value. On January 1, 2025, Brent leases the equipment to Havaci Inc. for one year for one rental
Debbink Co. leased machinery from Young, Inc. on January 1, 2025. The lease term was for 8 years, with equal annual rental payments of $5,300 at the beginning of each year. In addition, the lease
Presented below are income statements prepared on a LIFO and FIFO basis for Kenseth Company, which started operations on January 1, 2024. The company presently uses the LIFO method of pricing its
Penn Company is in the process of adjusting and correcting its books at the end of 2025. In reviewing its records, the following information is compiled.1. Penn has failed to accrue sales commissions
Gordon Company started operations on January 1, 2020, and has used the FIFO method of inventory valuation since its inception. In 2026, it decides to switch to the average-cost method. You are
Taveras Co. decides at the beginning of 2025 to adopt the FIFO method of inventory valuation. Taveras had used the LIFO method for financial reporting since its inception on January 1, 2023, and had
Sesame Company purchased a computer system for $74,000 on January 1, 2024. It was depreciated based on a 7-year life and an $18,000 salvage value. On January 1, 2026, Sesame revised these estimates
Botticelli Inc. was organized in late 2023 to manufacture and sell hosiery. At the end of its fourth year of operation, the company has been fairly successful, as indicated by the following reported
Holtzman Company is in the process of preparing its financial statements for 2025. Assume that no entries for depreciation have been recorded in 2025. The following information related to
Katherine Irving, controller of Lotan Corp., is aware of a pronouncement on accounting changes. After reading the pronouncement, she is confused about what action should be taken on the following
The management of Utrillo Instrument Company had concluded, with the concurrence of its independent auditors, that results of operations would be more fairly presented if Utrillo changed its method
Tedesco Company changed depreciation methods in 2025 from double-decliningbalance to straight-line. Depreciation prior to 2025 under double-declining-balance was $90,000, whereas straight-line
Holder-Webb Company began operations on January 1, 2023, and uses the average-cost method of pricing inventory. Management is contemplating a change in inventory methods for 2026. The following
Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2025. The increase in the prior year’s income before taxes is $1,200,000. The tax rate is 20%. Prepare
Refer to the accounting change by Wertz Construction Company in BE21.1. Wertz has a profit-sharing plan, which pays all employees a bonus at year-end based on 1% of pretax income. Compute the
Pam Erickson Construction Company changed from the cost-recovery to the percentage-of-completion method of accounting for longterm construction contracts during 2026. For tax purposes, the company
Mathys Inc. has recently hired a new independent auditor, Karen Ogleby, who says she wants “to get everything straightened out.” Consequently, she has proposed the following accounting changes in
Bulls, Inc. leases a piece of equipment to Bucks Company on January 1, 2025. The contract stipulates a lease term of 5 years, with equal annual rental payments of $4,523 at the end of each year.
On January 1, 2025, Irwin Animation sold a truck to Peete Finance for $35,000 and immediately leased it back. The truck was carried on Irwin’s books at $28,000. The term of the lease is 3 years,
At the beginning of 2025, Wertz Construction Company changed from the cost- recovery method to recognizing revenue over time (percentage-of-completion) for financial reporting purposes. The company
Cullen Construction Company, which began operations in 2025, changed from the cost-recovery to the percentage-of-completion method of accounting for long-term construction contracts during 2026. For
You have been asked by a client to review the records of Roberts Company, a small manufacturer of precision tools and machines. Your client is interested in buying the business, and arrangements have
On December 31, 2025, before the books were closed, the management and accountants of Madrasa Inc. made the following determinations about three pieces of equipment.1. Equipment A was purchased

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