ACC 577 Week 5 Quiz (100 % Correct Answers)
This Tutorial was purchased 4 times & rated A+ by student like you.
This Tutorial contains following Attachments
- ACC 577 Week 5 Quiz (100 % Correct Answers).docx
Week 5 Quiz
All Questions Details given below (Please Check)
Parker Co. amended its pension plan on January 2 of the current year. It also granted $600,000 of unrecognized prior service costs to its employees. The employees are all active and expect to provide 2,000 service years in the future, with 350 service years this year. What is Parker's unrecognized prior service cost amortization for the year?
Note section disclosures in the financial statements for pensions do not require inclusion of which of the following?
For the year ended December 31, 2004, Grim Co.'s pretax financial statement income was $200,000 and its taxable income was $150,000. The difference is due to the following: Grim's enacted income tax rate is 30%. In its 2004 income statement, what amount should Grim report as current provision for income tax expense?
On December 31, 20x5, Rapp Co. changed inventory cost methods to LIFO from FIFO for financial statement and income tax purposes. Rapp is unable to determine the beginning 20x5 inventory under LIFO. Therefore,
Which of the following should be reported as a prior period adjustment?
At 1/1/x6, there is no net gain or loss for a defined benefit pension plan, and plan assets at market value are $45,000. At 12/31/x6 before any actuarial gain or loss is computed (but after pension expense has been recorded and funding has occurred), the following data apply: PBO, $50,000Assets at market value, $40,000Expected rate of return on assets, 10% Actual return, $3,000A $2,000 actuarial gain is determined at 12/31/x6.By what amount is the Pension Gain/Loss-OCI account changed in 20x6? And what portion of that change is subject to amortization in 20x7?
Graf Corp.'s 2005 income statement showed pretax accounting income of $200,000. To compute the federal income tax liability, the following 2005 data are provided: If the alternate minimum tax provisions are ignored, what amount of current federal income tax liability should be included in Graf's December 31, 2005 balance sheet?
The following information relates to a postretirement benefit plan (in millions): APBO beginning, $300Plan assets beginning, $100Net postretirement benefit gain, beginning, $20Amortization of net gain or loss is based on SL method, 10 year average remaining service periodPrior service cost, initial amount, recognized four years ago, $50Amortization of prior service cost is based on SL method, 10 year average remaining service periodService cost, $40Discount rate, 5%Expected rate of return, 6%Actual return, $10Change in estimated life expectancy caused a gain of $16, year-endFunding contribution, $20. What amount of net gain is subject to amortization next year?
Information about a postretirement benefit plan at the beginning of the current year is as follows (in millions). EPBO, $400Discount rate, 5%Average years of service rendered toward full eligibility, 12Average years of service required to reach full eligibility, 20Plan assets, $120Expected and actual return, 10%. Compute the reported postretirement benefit liability at year-end.
The balance in the capitalized natural resources deposit account immediately before beginning removal operations is $110,000. The date is January 1 of the current (first) year. The firm is then informed that to comply with environmental regulations, the site will require reclamation work in four years costing an estimated $30,000 at that time. 5% is the appropriate risk adjusted rate of return. One-fourth the total estimated resource in the site was removed in the first year and was sold for $70,000. Compute the increase in net income for the current year from operating the site. Ignore income taxes. The present value of $1 four years hence at 5% is .8227.
A stock option award was granted at the beginning of the current year (1/1/x4) to three managers. The total shares granted are 30,000 (10,000 each). The option price and market price of the $2 par common stock on the grant date was $6. The options vest Dec. 31, 20x7. Applying an option pricing model yielded a fair value of $1 per option. Assume all of the options were exercised when the stock price was $10. What amount of compensation expense in total is recognized over the service period and by what amount is the firm's net assets increased as a result of the option award.
Because management has been so successful, key executives were granted 1,000 stock appreciation rights at the beginning of 20x4 calling for the difference between the market price of the firm's stock at grant date and at exercise date to be paid in cash. The employees must work for 3 years after which the rights are exercisable. The market price at the beginning of 20x4 was $10, and on the exercise date (during 20x7) was $18. The fair values of one right, based on an option pricing model, are as follows: What amount of compensation expense is recognized for years 20x6 and 20x7?
Mobe Co. reported the following operating income (loss) for its first three years of operations: For each year, there were no deferred income taxes, and Mobe's effective income tax rate was 30%. In its 2004 income tax return, Mobe elected to carry back the maximum amount of loss possible. In its 2005 income statement, what amount should Mobe report as total income tax expense?
Interest cost included in the net pension cost recognized for a period by an employer sponsoring a defined benefit pension plan represents the
At the beginning of 20x4, XCOR Inc. granted executives a total of 2,000 options to purchase the firm's stock beginning in 20x7. The fair value of each option at grant date was $3. Initially, no forfeitures were anticipated. During 20x5 however, forfeitures are apparent. The firm estimates a 2% forfeiture rate each year during the service period. What amount of compensation expense is recognized for 20x5?
Choose the correct statement about restricted stock plans.
A stock option plan granted 2,000 options each with a fair value of $2.50 on January 1, 20x4. The option price was $20 per share and the stock price was $5 on the grant date. The options were exercisable beginning 20x7 and were exercised when the market price of the $5 par stock was $50. The journal entry to record the issuance of stock to the option holders at date of exercise will include:
On August 31, 20x4, Harvey Co. decided to change from the FIFO periodic inventory system to the weighted average periodic inventory system. Harvey is on a calendar year basis. The cumulative effect of the change is determined
For its first year of operations, Cable Corp. recorded a $100,000 expense in its tax return that will not be recorded in its accounting records until next year. There were no other differences between its taxable and financial statement income. Cable's effective tax rate for the current year is 45%, but a 40% rate has already been passed into law for next year. In its year-end balance sheet, what amount should Cable report as a deferred tax asset(liability)?
Tack, Inc. reported retained earnings balance of $150,000 at December 31, 20x3.In June 20x4, Tack discovered that merchandise costing $40,000 had not been included in inventory in its 20x3 financial statements. Tack has a 30% tax rate. What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, 20x4?
Write a reviewOrder Id
Order Id will be kept Confidential
Rating: A B C D F
Enter the code in the box below:
All Questions Details given below (Please Check) ACC 577 Week 10 Quiz Question 1 Which of the following is a required financial statement for an investment trust fund? Question 2 Taxes..
All Questions Details given below (Please Check) ACC 577 Week 9 Quiz Question 1 Which of the following should be disclosed for each reportable operating segment of an enterprise? Question 2 Advertising costs may be accrued or deferred to provide an appropr..
All Questions Details given below (Please Check) ACC 577 Week 7 Quiz Question 1 Hedges of foreign currency risks can be the hedge of: Question 2 On its December 31, 2004 balance sheet, Nilo Corp reported bonds payable of..
All Questions Details given below (Please Check) Week 6 Quiz Review: ACC 577 Question 1 At the time Company P acquired controlling interest of Company S the following accounts and balances existed on the books of the two companies: Which one of the followin..
Week 5 Quiz All Questions Details given below (Please Check) Question 1 Parker Co. amended its pension plan on January 2 of the current year. It also granted $600,000 of unrecognized prior service costs to its employees. The employees are all active an..
Week 4 Quiz All Questions Details given below (Please Check) Question 1 Treasury stock was acquired for cash at a price in excess of its original issue price. The treasury stock was subsequently reissued for cash at a price in excess of its acquisition price. Ass..
Week 3 Quiz All Questions Details given below (Please Check) Question 1 During 2004, Yvo Corp. installed a production assembly line to manufacture furniture. In 2005, Yvo purchased a new machine and rearranged the assembly line to install this machine. The r..
Week 2 Quiz All Questions Details given below (Please Check) Question 1 On December 30, 2004, Astor Corp. sold merchandise for $75,000 to Day Co. The terms of the sale were net 30, FOB shipping point. The merchandise was shipped on December 31, 2004, and arrived ..
Week 1 Quiz All Questions Details given below (Please Check) Question 1 The fair value hierarchy provided by GAAP in FASB 157 is comprised of three (3) levels. Which of these levels is/are based, either directly or indirectly, on obs..
ACC 577 Week 8 Assignment 1 Emerging Issues Task Force Assignment 1: Emerging Issues Task Force Review the Emerging Issues Task Force (EITF) on the FASB Website, located at http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1218220137512. Next, review t..
All Questions Details given below (Please Check) ACC 577 Final Exam Study Question 1 At the time Company P acquired controlling interest of Company S the following accounts and balances existed on the books of the two companies: Whic..