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intermediate accounting volume 2

Questions and Answers of Intermediate Accounting Volume 2

Blues Company implemented a defined benefit pension plan for its employees. The following data are provided for 2021 and 2020. Determine the employer's contribution in 2021. 2021 2020 Projected
The Blackhawk Company implemented a defined benefit pension plan for its employees. The following data are provided for 2021.a. Determine the balance in Plan Assets on January 1, 2021.b. Determine
As of December 31, 2020, the projected benefit obligation and plan assets of a noncontributory defined benefit plan sponsored by Durasell Inc. were as follows. Determine the funded status of Durasell
The following information pertains to Qdobe Corporation's defined benefit pension plan for 2020. Assume no beginning balance in Accumulated OCI-Pension Gain/Loss. What amount should Qdobe report as
Clark Kent Co. approved a prior service obligation of \(\$ 120,000\) on January 1,2020 , which granted retroactive benefit to employees. Assuming an average remaining service period of 10 years for
On June 1, 2018, West Corporation established a defined benefit pension plan for its employees. The following information was available in 2020 : Balance Projected Benefit Obligation.. Plan
For 2021, compute the amortization of the account, Accumulated OCI-Pension Gain/Loss, assuming that the company uses the corridor approach in determining the minimum amortization to recognize. Assume
Kidman Inc. sponsors a defined benefit plan and determined that for the current year of 2020, service cost was \(\$ 10,000\), interest cost was \(\$ 2,100\), and the expected (and actual) return on
Lets Go Inc. sponsors a defined benefit plan and determined that for the current year of 2020, service cost was \(\$ 250,000\), amortization of prior service cost was \(\$ 1,800\), interest cost was
The following pension-related values are determined on December 31, 2020, for BNW Inc. Compute the net pension asset (liability) to be recorded on the balance sheet on December 31, 2020. Projected
At the end of 2020, after recording pension expense, Talent Co. has the following balances: Accumulated OCIPension Gain/Loss \(\$ 6,000\) (debit) and Projected Benefit Obligation \(\$ 100,000\)
Pharrell Inc. sponsored a defined pension plan for its employees. For the year ended December 31, 2020, Pharrell recorded pension expense of \(\$ 2,500\) (including service cost of \(\$ 1,500\) ) and
Levine Co. sponsored a defined benefit plan, which included January 1, 2020, balances of \(\$ 5,000\) and \(\$ 4,800\) in Plan Assets and Projected Benefit Obligation, respectively. During 2020, the
Hewlatt Inc. sponsors a defined contribution plan for its employees. In 2020, salaries eligible for a 3\% payment toward defined contribution plans of employees are \(\$ 880,000\). Hewlatt funded
Mallard Company sponsors a pension plan with the following pension benefit:\[ \underset{\text { Benefit paid at each }}{\text { year-end during retirement }}=\frac{\text { Number of years worked }
Garcia Co. has a PBO balance on January 1,2020 , of \(\$ 146,000\). The actuaries provided the following information: PBO December 31,2020 , balance, \(\$ 140,000\); interest cost, \(\$ 13,000\);
The following items are related to a defined pension plan:Items relate to 2020 unless otherwise indicateda. December 31,2020 , projected benefit obligation balanceb. December 31, 2020, plan asset
Kulver's Inc. sponsored a defined benefit plan in 2020. Plan assets had a January 1, 2020, balance at fair value of \(\$ 130,000\) and a December 31, 2020, balance at fair value of \(\$ 134,800\).
The following information pertains to a company's defined benefit plan.Requireda. Calculate benefits paid to retirees in 2020.b. Calculate any actuarial gain or loss on the PBO in 2020. Balance Fair
Stars Inc. has a noncontributory defined pension plan for its employees. During 2020, the company had service cost of \(\$ 60,000\), an expected return on plan assets of \(\$ 9,280\), amortization of
Determine how the following three defined benefit plans would be reported on Brittany Inc.'s balance sheet given the following information on December 31, 2020 (assuming all amounts are noncurrent).
Spears Company presents the following information related to its pension plan for 2020, before recording pension expense.Requireda. Determine the amortization of Accumulated OCI-Pension Gain/Loss for
Rico Corporation initiated a defined benefit pension plan on January 1, 2020. The plan does not provide any retroactive benefits for existing employees. The pension funding payment is made to the
On January 1, 2020, K. Crew Inc. reported a \(\$ 6,000\) credit balance in its Accumulated OCI—Pension Gain/Loss account related to its pension plan. During 2020, the following events occurred.-
The following data relate to a defined benefit pension plan for Hollistir Co.Requireda. Compute pension expense for 2020. Hollistir amortizes the full pension gain/loss over average service life of
Everglade Co. reported the following balances related to its noncontributory defined pension plan.Additional information related to the plan.The January 1, 2020, balance in OCI-Pension Gain/Loss is
Amex Company started a noncontributory defined benefit pension plan on January 1, 2019. The records of Amex Company indicate the following for the year 2020.Requireda. Compute net pension expense for
2020 records of Lexxus Company provided the following data related to its noncontributory defined benefit pension plan.Requireda. Compute 2020 net periodic pension expense reported by Lexxus.b.
Mac Company has a noncontributory defined benefit pension plan, with the following data available.Requireda. Provide the computation for interest cost assuming a discount rate of \(8 \%\).b. Compute
The following data relate to a pension plan for ISPN Inc.Requireda. Provide the entries related to the defined pension plan for 2020 assuming a discount rate of \(8 \%\). Amortize Accumulated
Rollo Company has a defined benefit pension plan. At the end of the current reporting period, December 31, 2020 , the following information was available:Requireda. Create a worksheet to summarize
Information for the Jenkins Company defined benefit pension plan follows. Jenkins uses the straight-line method to amortize prior service cost and corridor amortization for gains and
Laker Company has a noncontributory defined benefit pension plan. The company must record its pension expense for the year ended December 31, 2020. The following data are available (\$
The following information relates to the contributory, defined pension plan of Klarbrun Inc.Requireda. Prepare the portion of the pension disclosure showing the components of pension expense.b.
Terms relating to concepts discussed in this chapter along with descriptions of the terms are included in the following two lists.Required Match each term, 1 through 14, with the most appropriate
Pension items discussed in this chapter along with account effects are included in the following two lists.Required Match each pension item, \(a\) through \(l\) with the account effect \(l\) through
L. Bryan is a participant in a pension plan. Information on the plan and Bryan's involvement follows.Plan inception: Jan. 1,2020 Bryan's first day with the company: Jan. 1,2020 Bryan's expected
The Jets Company sponsors a pension plan with the following pension benefit formula:\(\begin{aligned} & \text { Benefit paid at each year-end } \\ & \text { during retirement }\end{aligned}=2 \%
The following information pertains to a pension plan for Guccii Company that recognizes only the minimum amortization of unrecognized gains and losses through the corridor approach.Requireda. Compute
Netflicks Inc. has a noncontributory defined benefit pension plan.Requireda. How much did the PBO increase during 2020? Name five items that could have caused the PBO to change.b. How much did
Information for a pension plan for J. Q. Morgan Inc. follows.J. Q. Morgan Inc, elects to amortize pension gain/loss into income for the period using the straight-line method (10-year average
Mason Company has a noncontributory defined benefit pension plan. On December 31, 2020, information about the pension plan included the following.Requireda. Prepare a reconciliation of plan assets
Luloo Inc. has a defined benefit pension plan. At the end of the current reporting period, December 31, 2020, the following information was available.Requireda. Create a worksheet to summarize the
Cruise Company has a noncontributory defined benefit pension plan. The annual accounting period ends on December 31. The following plan information relates to the year 2020.Requireda. Create a
The following schedule provides two years of information for Rhino Inc. related to its defined benefit plan.In 2021 , Rhino Inc. made a contribution to pension plan assets. Payout to retirees in 2021
Voss Company has a noncontributory defined benefit pension plan for its employees. The data available at yearend are as follows.Required Prepare worksheets to summarize the pension data at the end
Andros Company has a noncontributory defined benefit pension plan. The data for the two years are as follows.Requireda. Prepare worksheets to summarize the pension data at the end of 2020 and 2021.
Jack Company has a noncontributory defined benefit pension plan. The company will record its pension expense for the year ended December 31, 2020.Requireda. Prepare a worksheet to summarize the
This problem involves three years of accounting for the defined benefit pension plan of Americo's Inc. The pension plan for the company has been in existence for several years before January 1, 2020.
At December 31, 2020, as a result of its defined benefit pension plan, Creste Company had a balance in Accumulated OCI-Pension Loss and an underfunded pension balance. Creste's pension plan and its
Ethics Case GAAP accounting for pension plans has been criticized by those who maintain that it provides a wealth of opportunity for sponsors to manipulate and smooth earnings. Would you propose
Judgment Case An alternative conceptualization of pension expense that had been proposed at various times before the current standards, would have based annual pension expense on the required annual
We are the auditors for Frito Inc., which is in considerable financial difficulty. In particular, debt covenants may be violated if liabilities are increased. In addition, the client's balance in
Rogers Inc., has a defined benefit pension plan for its 2,000 employees. It provides covered employees with a pension equal to \(1.5 \%\) of their average salary during the two calendar years of
Describe the role and responsibilities of the employer. the trustee, and the employees in their involvement in a defined benefit pension plan.
What are actuarial assumptions used to develop estimates of future retirement benefit payments of a pension plan?
Employer Mac sponsors a defined benefit pension plan. The estimated pension expense for 2020 is \(\$ 100,000\), the first year of the plan. Provide the balance sheet presentation for each of the
Employee Justin will receive an annual pension benefit of \(\$ 12,000\) for five years, starting on December 31, 2021. Assuming an interest rate of \(8 \%\), how much must be in the pension fund on
Employer Beeber must build a pension fund of \(\$ 50,000\) by December 31,2024 . Five equal annual payments are made into the fund starting on December 31, 2020. The fund will earn \(8 \%\). What is
Explain why accounting for defined benefit plans must be based on assumptions and estimates.
What is the pension benefit formula?
Explain why pension expense is not simply recognized when benefits are paid to employees.
What does attribution mean in pension accounting?
Two special features of pension accounting are (a) income smoothing in the income statement, and (b) offsetting in the balance sheet. Explain each feature.
List and define the five components of pension expense.
Define and explain the projected benefit obligation (PBO).
What information is typically found in the report from the trustee on plan assets?
Explain what is meant by underfunded pension plan.
Explain the difference between the projected benefit obligation and the accumulated benefit obligation.
Explain the primary approaches for amortizing unrecognized pension costs.
In the case of unrecognized prior service cost, first incurred during 2020, amortization may or may not be appropriate at the end of 2020 . Explain why.
Briefly explain intraperiod tax allocation.
Briefly describe the balance sheet approach in accounting for income taxes.
Explain why deferred income tax can be either an asset or a liability.
Explain the main overriding reasons why pretax GAAP income and taxable income are often quite different.
Differentiate between a temporary difference and a permanent difference.
How are deferred tax accounts presented on the balance sheet?
Suppose Wilson Company has one item that gives rise to a temporary difference and that item is expected to continue indefinitely. Specifically, Wilson prepays the following year's annual rent of \(\$
Explain the difference between a deferred tax liability and a deferred tax asset.
Define net operating loss (NOL) carryforwards. Briefly explain the process of a tax loss carryforward.
With respect to NOL carryforwards, how does uncertainty affect the accounting treatment?
Is deferred tax arising from an NOL carryforward classified as current or noncurrent?
Explain the limitation on the carrying value of deferred income tax assets.
How does a company account for a change in tax rates?
Describe the two-step process required when uncertain tax positions are taken.
4M Inc. showed income tax on its tax return of \(\$ 4,800\) on December 31,2020 , and had a tax rate of \(25 \%\). If taxable income were equal to pretax GAAP income for 2020, determine the amount of
Aquafena Inc. recognized taxable income of \(\$ 100,000\) for the year ended December 31, 2020. Aquafena calculated a deferred tax asset and a deferred tax liability of \(\$ 12,000\) and \(\$
Alexa Inc. recorded the following deferred tax amounts.If the company had current tax expense of \(\$ 26,000\) in 2020 , determine total income tax expense for 2020. Deferred tax liability Deferred
On December 31, 2020, Lexxus Inc. recorded an unrealized gain in income of \(\$ 5,000\) related to its trading debt securities originally purchased on December 15,2020 , for \(\$ 20,000\). Lexxus
Assuming the same information from Brief Exercise 18-21, record the income tax journal entry on December 31, 2020. Assume zero beginning balances in deferred tax accounts.Exercise 18-21On December
Alexa Inc. purchased equipment in 2018 for \(\$ 50,000\) with no residual value. On December 31,2020 , accumulated depreciation using the straight-line method for financial reporting was \(\$
Underwood Co. had current tax expense of \(\$ 20,000\) for the year ended December 31, 2020. The ending deferred tax asset balance was \(\$ 6,000\), which was a \(\$ 4,000\) increase from January
On December 31, 2020, Delta Inc. recorded \(\$ 28,000\) of deferred revenue (a liability) on customer deposits received in advance of the satisfaction of performance obligations. However, this amount
Assuming the same information in Brief Exercise 18-25, record the income tax journal entry on December 31, 2020. Assume zero beginning balances in deferred tax accounts and there are no other
Rangee Rover Inc. recorded pretax GAAP income of \(\$ 89,000\) in 2020. The GAAP basis of accounts receivable (net) is \(\$ 6,000\) less than the tax basis of accounts receivable. Assuming a tax rate
Assume the same information as in Brief Exercise 18-27 except that the Deferred Tax Asset account had a December 31, 2019, balance of \(\$ 1,800\). Record the income tax journal entry on December 31,
Bell Corp. recognized \(\$ 38,000\) in current income tax expense in 2020. Pretax GAAP income was \(\$ 89,000\) and deferred income tax expense is \(\$ 6,000\) for 2020 . Prepare (a) the income tax
Maui Resort Inc. determined that the balance in its deferred tax asset account on December 31, 2020, was \(\$ 50,000\). Management reviewed all available positive and negative evidence to estimate
Assume Company A and Company B each had a balance in deferred tax assets of \(\$ 250,000\). However, Company A has a valuation allowance related to the deferred tax asset of \(\$ 200,000\) while
Starbucks Corporation recognized the following amounts in a recent annual report on Form 10-K.a. Calculate the deferred tax asset valuation allowance as a percentage of deferred tax assets for fiscal

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