Here the questions I need help with...

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Jones Inc. recorded a deferred tax asset of $30,000 in 2013, offset by a $30,000 valuation allowance. Jones Inc. most likely: A) has fully utilized the deferred tax asset; B) has an equal amount of deferred tax assets and deferred tax liabilities; C) is profitable in 2013; D) expects to earn sufficient taxable income before the deferred tax asset expires; E) expects not to earn any taxable income before the deferred tax asset expires; 2. Jones Inc. reported the following financial information: Table: Jones Inc. Financial Information Financial Information Deferred tax asset Valuation allowance 2013 2012 30,293 38,473 3,829 1,728 Which of the following is more likely regarding the change of the valuation allowance? A) Its total assets were increased in 2013; B) It had an equal amount of deferred tax assets and deferred tax liabilities; C) It was more profitable in 2013; D) It expects a higher likelihood to earn sufficient taxable income to fully take advantage of the deferred tax asset before the deferred tax asset expires; E) It expects a lower likelihood to earn sufficient taxable income to fully take advantage of the deferred tax asset before the deferred tax asset expires; Use the following financial information of Jones Inc. to answer questions 3 and 4: Table: Jones Inc. Financial Information Financial Information 2013 2012 2011 Before-tax income 182,932 192,839 192,083 Domestic Before-tax 78,293 73,622 56,239 income Foreign 261,225 266,461 248,322 Current Income Taxes: Federal 27,382 26,372 Foreign 3,894 2,839 31,276 29,211 Deferred Income Taxes: Federal Foreign Total (2,738) 372 372 928 (2,366) 1,300 28,910 30,511 3. What was the tax provision of 2013? A) 28,910 B) 31,276 C) 30,511 D) -2,366 E) 33,786 28,912 3,428 32,340 623 823 1,446 33,786 4. Which of the following is true about the effective tax rate on foreign income: A) the highest rate was in 2011; B) the highest rate was in 2012; C) the highest rate was in 2013; D) the lowest rate was in 2013; E) the rates were the same for all years; 5. Jones Inc. acquires a piece of equipment and uses straight-line depreciation for the first year of use while it uses the accelerated depreciation method for tax purpose. Jones Inc. is very likely to report in the first year of usage: A) deferred tax liability; B) deferred tax asset; C) deferred tax patent; D) deferred tax receivable; E) Nothing special. On 1 January 2013, Mary Inc. issues $1,000,000 face value, 10-year bonds with annual interest rate of 5% to be paid each 31 December. The market interest rate is 4%. Using the effective interest rate method of amortization, Mary Inc. should record when it closes its annual book on Dec 31, 2013 (Round your number to integers): A) a carrying amount of 1,081,109 on Dec 31, 2013; B) an interest expense of 42,974 on Dec 31, 2013; C) a cash disbursement of 43,244 on Dec 31, 2013; D) a carrying amount of 1,074,353 on Dec 31, 2013; E) an amortization of discount. 2. On 1 January 2013, Mary Inc. issues $1,000,000 face value, 10-year bonds with annual interest rate of 5% to be paid each year on December 31. The market interest rate is 5.5%. Using the effective interest rate method of amortization, Mary Inc. should record when it closes its annual book on Dec 31, 2013 (Round your number to integers): A) a carrying amount of 962,312 on Dec 31, 2013; B) an interest expense of 53,088 on Dec 31, 2013; C) a cash disbursement of 52,927 on Dec 31, 2013; D) a carrying amount of 965,239 on Dec 31, 2013; E) an amortization of premium. 3. When coupon rate is higher than market rate, holding everything else constant, A) is impossible for a firm to sell the bond; B) is likely for a firm to sell the bond for a discount; C) is likely for a firm to sell the bond for a premium; D) is likely for a firm to sell the bond at par; E) is likely this bond is not attractive to anyone; 4. The difference between an operating lease and a financing lease is that: A) operating leases require recognition of more assets and liabilities in the balance sheet; B) operating leases require managers and auditors work together to get the deal done; C) operating leases require no recognition of more assets and liabilities in the balance sheet; D) financing leases require no recognition of more assets and liabilities in the balance sheet; E) managers prefer financing leases generally as they may improve liquidity and solvency. 5. Cash received from bond issuance will be: A) operating cash flow; B) investing cash flow; C) financing cash flow; D) equity cash flow; E) supporting cash flow; Use the following information for questions 1 through 4: Table: Selected information of Jones Inc. Financial Information Net income Net periodic benefit cost 2013 2012 19,282 17,263 920 728 495 382 7,918 6,771 293 277 2,738 2,482 182 273 Ending balance 8,231 7,827 Funded status 313 1,056 Unrecognized past service cost 109 89 Unrecognized actuarial loss (gain) 382 311 Net asset (liability) in the balance sheet 804 1,456 Pension information Benefit obligation Service cost Ending balance Plan assets Company contribution Expected return on plan assets Actuarial gain 1. If Jones Inc. had reported under IFRS, its 2013 balance sheet will report a: A) $804 million asset; B) $804 million liabilities; C) $313 million asset; D) $313 million liabilities; E) $19,282 million asset; 2. The net adjustment to net income in the cash flow statement to reconcile net income to operating cash flow related to the pension plan is: A) 920 million B) 293 million C) 627 million D) 804 million E) 495 million 3. The estimated increase in the pension obligation due to benefits earned by current employees of Jones Inc. in 2013 is: A) 920 million B) 293 million C) 627 million D) 804 million E) 495 million 4. In 2013, the actual return on plan assets is: A) 2,738 million B) 2,920 million C) 182 million D) 804 million E) 495 million 5. Which of the following is true about a defined contribution pension plan? A) the employer bears the investment risks of the pension plan; B) the employee bears the investment risks of the pension plan; C) the employer must ensure there are sufficient assets in the plan; D) the employee must ensure there are sufficient liabilities in the plan; E) the employer must report the funded status to the public of the plans of all employees