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2. (TCO B) At the beginning of 2012, Annie, Inc. has a deferred tax asset of $7,500 and deferred tax liability of $10,500. In 2012, pretax financial income was $826,000 and the tax rate was 35%. Pretax income included: Interest income from municipal bonds $15,000 Accrued warranty costs, estimated to be used in 2013 $74,000 Prepaid rent expense, will be used in 2013 $31,000 Installment sales revenue, to be collected in 2013 $56,000 Operating loss carryforward $71,000 What is the adjustment needed to correct the balance of deferred tax asset for 2012? (Points : 5) $ 25,900 DR $ 30,450 CR $ 30,450 DR $ 18,400 DR 3. (TCO C) Presented below is pension information related to Amazing Goods, Inc. for the year 2013. Service cost $96,000 Interest on projected benefit obligation $53,000 Interest on vested benefits $25,000 Amortization of prior service cost due to increase in benefits $10,000 Expected return on plan assets $19,000 The amount of pension expense to be reported for 2013 is (Points : 5) $130,000. $140,000. $165,000. $184,000. 4. (TCO C) Apple Dumpling Inc. sponsors a defined-benefit pension plan. The following data relates to the operation of the plan for the year 2013. Service cost $320,000 Contributions to the plan $285,000 Actual return on plan assets $215,000 Projected benefit obligation (beginning of year) $3,100,000 Fair value of plan assets (beginning of year) $3,600,000 The expected return on plan assets and the settlement rate were both 9%. The amount of pension expense reported for 2013 is (Points : 5) $275,000.00 $384,000.00 $320,000.00 $599,000.00 5. (TCO D) Animal, Inc. leased equipment from Zoo Enterprises under a 4-year lease requiring equal annual payments of $48,000, with the first payment due at lease inception. The lease does not transfer ownership, nor is there a bargain purchase option. The equipment has a 4-year useful life and no salvage value. Animal, Inc.'s incremental borrowing rate is 10% and the rate implicit in the lease (which is known by Pisa, Inc.) is 8%. Assuming that this lease is properly classified as a capital lease, what is the amount of interest expense recorded by Animal, Inc. in the first year of the asset's life? PV Annuity Due PV Ordinary Annuity 8%, 5 periods 4.31213 3.99271 10%, 5 periods 4.16986 3.79079 (Points : 5) 0 $16,559 $12,719 $15,332 6. (TCO E) On December 31, 2013, Bob's Trucking, Inc. appropriately changed its inventory valuation method from weighted-average cost to FIFO method for financial statement and income tax purposes. The change will result in an $800,000 increase in the beginning inventory at January 1, 2013. Assume a 40% income tax rate. The cumulative effect of this accounting change on beginning retained earnings is (Points : 5) $-. $800,000. $480,000. $320,000. 7. (TCO E) Which of the following is not a change in accounting estimate? (Points : 5) Change in amortization period for an intangible asset. Change from straight-line to sum-of-the-years'-digits method of depreciation. Change because of understatement of inventory. Change in residual value of a depreciable plant asset. 8. (TCO F) Amazing Glory, Inc. recognized a net income of $95,000 including $20,500 in depreciation expense. Additional changes from the balance sheet are as follows. Accounts Receivable $800 decrease Prepaid Expenses $14,000 decrease Inventory $25,000 increase Accrued Liabilities $6,500 decrease Accounts Payable $12,000 increase Compute the net cash from operating activities based on the above information. (Points : 5) $79,000 $50,700 $110,800 $132,000 9. (TCO G) Items that affect the realizability of accounts receivable that are revealed after the balance sheet date but before the financial statements are issued should be (Points : 5) disclosed only in the Notes to the Financial Statements. discussed only in the MD&A (Management's Discussion and Analysis) section of the annual report. used to record an adjustment to Bad Debt Expense for the year ending December 31, 2013. used to record an adjustment directly to the retained earnings account. 10. (TCO G) Adventure, Inc. is a company that operates in four different divisions. The following information relating to each segment is available for 2013. Sales revenue Operating profit (loss) Identifiable assets A $85,000 $31,000 $56,000 B $105,000 $(16,000) $82,000 C $250,000 $112,000 $640,000 D $20,000 $4,000 $35,000 Required: For which of the segments would information have to be disclosed in accordance with professional pronouncements? (Points : 5) Segments A, B, C, and D Segments A, B, and C Segments A and B