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You are engaged in the audit of the financial statements of Holman Corporation for the year ended December 31, 20X6. The accompanying analyses of the Property, Plant, and Equipment and related accum
Pretax accounting income $300,000 Permanent difference (15,000) 285,000 Temporary difference-depreciation (20,000) Taxable income $265,000 Trinity's tax rate is 40%. What should Trinity report as it
Evelyn uses the straight-line method to account for depreciation expense. The error was discovered on December 10, 2011. Evelyn is subject to a 40% tax rate. Evelyn's net income for the year ended D
If the balance of Tom Wagner, Capital increased $40,000 after the closing entries were posted, and the withdrawals remained the same, what was the amount of net income or net loss?
Actuarial estimate of projected benefit obligation at 1/1/11 $82,000 Assumed discount rate 10% Service costs for 2011 $18,000 Pension benefits paid during 2011 $15,000 If no change in actuarial esti
In January 2014, an explosion occurred at Kenny Co.'s plant, causing damage to area properties. By March 2014, no claims had yet been asserted against Kenny.
An accounting change was made in 2013 to reflect these additional data. The accumulated depreciation for this machine should have a balance at December 31, 2013 of:
Harry used the cost method to record the purchase of the treasury shares. What would be the balance in the Paid-in Capital from Treasury Stock account at December 31, 2012?
Actual return on plan assets $20,000 Amortization of net gain 8,250 Amortization of prior service cost due to increase in benefits 15,000 Expected return on plan assets 23,000 Interest on projected
On July 1, 2013, Sunshine Co. issued 3,000 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2013 and mature on April 1, 2023. Interest is payable semiannually on Ap
Ken and Susan Jones, ages 47 and 45, are married and live at 584 Thoreau Drive, Boston, MA 59483. Ken Social Security number is 111-11-1111 and Susan is 222-22-2222. The Jones have two children: Emm
The oversight was discovered during the preparation of Janelle's 2013 financial statements. Depreciation expense on this machine for 2013 should be
Garnett Co. expects to purchase $180,000 of materials in July and $210,000 of materials in August. Three-fourths of all purchases are paid for in the month of purchase, and the other one-fourth are
On this date, the bank's prime rate was 11%. The first payment for interest and principal was made on September 1, 2013. At December 31, 2013, Henrietta should record accrued interest payable of:
The bond issue costs relating to this transaction were $210,000. Danny amortizes discounts, premiums, and bond issue costs using the straight-line method. What amount of loss should Danny recognize
No contributions have been made for 2013 pension cost. In its December 31, 2013 balance sheet, Lorrie should report a pension asset/liability of:
5-year Bonds Payable 8% $2,000,000 Bond Interest Payable 50,000 Premium on Bonds Payable 100,000 Notes Payable (3 mo.) 40,000 Notes Payable (5 yr.) 165,000 Mortgage Payable ($15,000 due currently) 2
The market prices of Sammy's stock were as follows: January 1, 2012 $30 December 31, 2014 50 For 2012, Sammy should recognize compensation expense under the fair value method of:
You are provided with the following description of the accounting system and internal controls for materials purchases by the Johnson Machinery Company, a medium-sized firm that builds special machi
The coporation assumed the a liability of $100 on the property transferred. What is the corporation's tax basis in the property received in the exchange?
Cougar, Inc., is a calendar year S corporation. Cougar's Form 1120S shows non-separately stated ordinary income of $80,000 for the year. Johnny owns 40% of the Cougar stock throughout the year. The
The Specialty Products Company needs to predict the labor cost in producing made-to-order mugs. The following production information is available:
The investments sold had been carried in the Investment Trust Fund accounts at July 1, 2012, fair value of $672,000. Show the entry for the sale of investments by the pool on January 2, 2013.
Bragg issued $1,500,000 of 10% convertible bonds at face value during 2012. Each $1000 bond is convertible into 20 shares of common stock. Compute the basic and diluted earning per share for 2013..
Which of the following statements concerning financing operations is false? A. Issuing stock rather than bonds payable dilutes ownership.