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ACCT 557 Final Exam

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ACCT 557 Final Exam

(TCO A) Benny Building, Inc. won a bid for a new warehouse building contract. Below is information from the project accountant.

TCO B) At the beginning of 2012, Barbara, Inc. has a deferred tax asset of $8,000 and deferred tax liability of $6,500. In 2012, pretax financial income was $600,000 and the tax rate was 35%.

(TCO C) Presented below is pension information related to Baked Goods, Inc. for the year 2013

(TCO C) Bunny Hopping, Inc. sponsors a defined-benefit pension plan. The following data relate to the operation of the plan for the year 2013

(TCO D) Bucky, Inc. leased equipment from Green Enterprises under a 4-year lease requiring equal annual payments of $65,000, 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. Bucky, 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 Bucky, Inc. in the first year of the asset’s life?

(TCO E) On December 31, 2013, Antique Salvage, 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 a $1,000,000 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 (TCO E) Which of the following is not a change in accounting estimate

(TCO F) Balancing Act, Inc recognized net income of $489,000 including $7,500 in depreciation expense

(TCO G) The disclosure of accounting policies is important to the financial statements when determining

(TCO G) Adventure, Inc is a company that operates in four different divisions. The following information relating to each segment is available for 2013

(TCO A) Bentley Corporation has several divisions. All operations keep their own accounting books and have chosen the appropriate method of revenue recognition

(TCO B) Buffy, Inc. qualifies to use the installment-sales method for tax purposes and sold an investment on an installment basis. The total gain of $750,000 was reported for financial reporting purposes in the period of sale. The installment period is 3 years; one third of the sale price is collected in 2012 and the rest in 2013. The tax rate was 40% in 2012, 35% in 2013, and 35% in 2014. The accounting and tax data is shown below

(TCO D) Bing Leasing, Inc. agrees to lease equipment to Boyd, Inc. on January 1, 2012. They agree on the following terms:

(TCO F) Financial data of Beautiful Beadwork Company for 2013 and 2012 are presented below

(TCO G) Selected financial ratios. The following information pertains to Allbright, Inc

(TCO E) Changes in accounting principle include direct and indirect effects. Please discuss how the indirect effects of a change in accounting principle should be treated and disclosed

ACCT 557 Final Exam (TCO A) Benny Building, Inc. won a bid for a new warehouse building contract. Below is information from the project accountant. TCO B) At the beginning of 2012, Barbara, Inc. has a deferred tax asset of $8,000 and deferred tax l
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