Category Archives: ACCT 557

Devry ACCT 557 Trenton Co. Incurred A Net Operating Loss Of $850,000 In 2016 recent

 Devry ACCT 557 Trenton Co. Incurred A Net Operating Loss Of $850,000 In 2016 recent

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Acct 557 Trenton Co. Incurred A Net Operating Loss Of $850,000 In 2016 recent

Acct 557 Trenton Co. Incurred A Net Operating Loss Of $850,000 In 2016.  Acct 557 Trenton Co. Incurred A Net Operating Loss Of $850,000 In 2016. Combined Income Of 2014 And 2015 Was $650,000

Trenton Co. incurred a net operating loss of $850,000 in 2016. Combined income of 2014 and 2015 was $650,000. The tax rate for all years is 30%. Trenton elects the carry back option.

Required:

a.      Prepare the journal entries to record the benefit of loss carry back and loss carry forward option.

b.     Assuming that it is more likely than not that the entire net operating loss carry forward will not be realized in future years, prepare all the journal entries necessary at the end of 2016.

Devry ACCT 557 Week 1 Homework Assignment Chapter 18 Solution recent

 Devry ACCT 557 Week 1 Homework Assignment Chapter 18 Solution recent

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ACCT 557 Week 1 Homework Assignment Chapter 18 Solution recent

Devry ACCT 557 Week 1 Quiz recent

 Devry ACCT 557 Week 1 Quiz recent

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ACCT 557 Week 1 Quiz recent

(TCO A) Platypus Building Inc. won a bid for a recent office building contract. Below is info from the project accountant:

(TCO A) Kerry Corp purchased a used bottling machine from Bob’s Bottling Inc. on Jan 1, 2012 for $2100000.  Bob accounted for the sale correctly under the installment sales method.  It had a book value of $1575000.  Kerry paid with $300000 cash and a note for $1800000 with an annual interest of 10%.  Kerry agreed to make equal annual payments of $600000.  Kerry Corp made their first payment on Jan 1, 2013 of $780000 which included interest of $180000 to date of payment.

As of Dec 31, 2013 Bob has deferred gross profit of ?

(TCO A) Blue Suede Construction Corp used the percentage-of-completion method of revenue recognition. They were contracted to build the recent amphitheater for $800000.  Additional information was provided:

As of Dec 31….                                              2012                2013

Percentage of completion                               15%                 40%

Estimated total expected costs                    $550,000         $580,000

Gross profit recognized (Cumulative)            $50,000           $99,000

Contracted costs incurred during 2013 were…

(TCO A) In industries with high rates of return

(such as a magazine distribution company) an alternative method of revenue recognition would be…

(TCO A) Windsor Construction Company uses the completed contract method of accounting. In 2014, Windsor began work on a two year contract it had received which provided for a contract price of $3,000,000. Other details follow for 2014:

• Costs incurred during the year $1,400,000

• Estimated costs to complete as of December 31 2014, $600,000

• Billings during the year $1,000,000

• Collections during the year $900,000

What should be the gross profit recognized in 2014?

Devry ACCT 557 Week 2 Homework Assignment Chapter 19 Solution recent

 Devry ACCT 557 Week 2 Homework Assignment Chapter 19 Solution recent

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ACCT 557 Week 2 Homework Assignment Chapter 19 Solution recent

 

Devry ACCT 557 Week 2 Quiz recent

Devry ACCT 557 Week 2 Quiz recent

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ACCT 557 Week 2 Quiz recent

(TCO B) Zeff Co. prepared the following reconciliation of its pretax financial statement income to taxable income for the year ended December 31, Year 1, its first year of operations:
(TCO B) Thorn Co. applies Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes. At the end of Year 1, the tax effects of temporary differences were as follows:

Deferred
tax assets Related asset

(liabilities) classification
Accelerated tax depreciation ($75,000) Noncurrent asset
Additional costs in inventory for tax purposes 25,000 Current asset
($50,000)

A valuation allowance was not considered necessary. Thorn anticipates that $10,000 of the deferred tax liability will reverse in Year 2. In Thorn’s December 31, Year 1, balance sheet, what amount should Thorn report as noncurrent deferred tax liability under U.S. GAAP?
(TCO B) Justification for the method of determining periodic deferred tax expense is based on the concept of:
(TCO B) In Year 2, Ajax, Inc. reported taxable

income of $400,000 and pretax financial statement income of $300,000. The difference resulted from $60,000 of nondeductible premiums on Ajax’s officers’ life insurance and $40,000 of rental income received in advance. Rental income is taxable when received. Ajax’s effective tax rate is 30%. In its Year 2 income statement, what amount should Ajax report as income tax expense-current portion?
(TCO B) When accounting for income taxes, a temporary difference occurs in which of the following scenarios?

devry ACCT 557 Week 3 Homework Assignment recent

devry ACCT 557 Week 3 Homework Assignment recent

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ACCT 557 Week 3 Homework Assignment recent

On January 1, 2012, Harrington Company has the following defined benefit pension plan balances.

P20-2 Allison Co. has the following postretirement benefit plan balances on January 1, 2012.

Devry ACCT 557 Week 4 Homework Assignment recent

Devry ACCT 557 Week 4 Homework Assignment recent

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ACCT 557 Week 4 Homework Assignment recent

Kingdom Leasing Inc. agrees to lease jousting equipment to Knight Inc. on Jan 12012. They agree on the following terms:

Kingdom Leasing Inc. agrees to lease jousting equipment to Knight Inc. on Jan 1,2012. They agree on the following terms

Devry ACCT 557 Week 4 Midterm Exam recent

Devry ACCT 557 Week 4 Midterm Exam recent

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ACCT 557 Week 4 Midterm Exam recent

(TCO A) In accounting for a long-term construction-type contract using the percentage-of-completion method, the gross profit recognized during the first year would be the estimated total gross profit from the contract, multiplied by the percentage of the costs incurred during the year to the
(TCO A) Tim Construction Co. began operations in 2014. Construction activity for 2014 is shown below. Tim uses the completed contract method.
Contract
Contract Price
Billings

Through
12/31/14
Collections
Through
12/31/14
Costs to
12/31/14
Estimated
Costs to
Complete
1
$5,200,000
$3,500,000
$2,600,000
3,000,000
1,000,000

2
3.600,000
1,500,000
1,000,000
800,000
1,600,000
3
3,600,000
1,900,000
1,800,000
2,250,000
1,200,000

What amount of Gross Profit should Tim show on the Income Statement of 2014 related to Contract 3?
(TCO B) K Corporation’s partial income statement

after its first year of operations is as follows:
Income before Income Taxes $3,750,000
Income Tax expense
Current $1,035,000
Deferred 90,000
__________ 1,125,000
__________
Net Income $2,625,000
K uses the straight-line method of depreciation for financial reporting purposes and accelerated depreciation for tax purposes. The amount charged to depreciation expense on its books this year was $1,200,000. No other differences existed between book income and taxable income except for the amount of depreciation.
Assuming a 30% tax rate, what amount was deducted for depreciation on the corporation’s tax return for the current year?

(TCO B) Deferred taxes should be presented on the balance sheet
(TCO C) On January 1, 2008, Nen Co. has the following balances:
Projected benefit obligation $4,200,000
Fair value of plan assets 3,750,000
The settlement rate is 10%. Other data related to the pension plan for 2014 are:
Service cost $240,000
Amortization of unrecognized prior service costs 54,000
Contributions 270,000
Benefits paid 225,000
Actual return on plan assets 264,000

Amortization of unrecognized net gain 18,000
The fair value of plan assets at December 31, 2014 is
(TCO C) Presented below is pension information related to Woods, Inc. for the year 2013.

Service cost $135,000
Interest on projected benefit obligation $46,000
Interest on vested benefits $30,000
Amortization of prior service cost due to increase in benefits $14,000
Expected return on plan assets $21,000

The amount of pension expense to be reported for 2013 is
(TCO D) Lease methods of accounting are
(TCO D) Advantage(s) of leasing versus buying equipment is (are)
(TCO D) Pirate, Inc. leased equipment from Shoreline Enterprises under a four-year lease requiring equal annual payments of $320,000, 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. Pirate, Inc.’s incremental borrowing rate is 10% and the rate implicit in the lease (which is known by ,Pirate Inc.) is 8%. Assuming that this lease is properly classified as a capital lease, what is the amount of interest expense recorded by Pirate, Inc. in the first year of the asset’s life?
PV Annuity Due PV Ordinary Annuity

8%, 4 periods 3.5771 3.31213
10%, 4 periods 3.48685 3.16986
(TCO D) On January 2, 2013, Bentley Co. leases equipment from Harry’s Leasing Company with five equal annual payments of $120,000 each, payable beginning December 31, 2013. Bentley Co. agrees to guarantee the $20,000 residual value of the asset at the end of the lease term. Bentley’s incremental borrowing rate is 10%; however, the company knows that Harry’s implicit interest rate is 8%. What journal entry would Harry’s Leasing Company make at January 2, 2013, assuming this is a direct–financing lease?

PV Annuity Due PV Ordinary Annuity PV Single Sum
8%, 5 periods 4.31213 3.99271 0.68058
10%, 5 periods 4.16986 3.79079 0.62092

(TCO D) Lease A does not contain a bargain purchase option, but the lease term is equal to 90% of the estimated economic life of the leased property. Lease B does not transfer ownership of the property to the lessee by the end of the lease term, but the lease term is equal to 75% of the estimated economic life of the leased property. How should the lessee classify these leases?

Devry ACCT 557 Week 5 Homework Assignment Chapter 22 Solution recent

Devry ACCT 557 Week 5 Homework Assignment Chapter 22 Solution recent

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ACCT 557 Week 5 Homework Assignment Chapter 22 Solution recent

 

Devry ACCT 557 Week 6 Homework Assignment Chapter 23 Solution recent

Devry ACCT 557 Week 6 Homework Assignment Chapter 23 Solution recent

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ACCT 557 Week 6 Homework Assignment Chapter 23 Solution recent