Intermediate Accounting 15th Edition

Accounting for Pensions and Postretirement Benefits 20-21 82. The unexpected gain or loss on plan assets in 2015 is a. $45,920 loss. b. $26,320 gain. c. $22,400 gain. d. $250,320 gain. 83. The corridor for 2015 is a. $722,400. b. $728,000. c. $791,000. d. $933,800.

Accounting for Pensions and Postretirement Benefits 20-37 Instructions (a) Compute the amount of postretirement expense for 2015. (Show computations.) (b) Compute the amount of the APBO at December 31, 2015. *Solution 20-118 (a) Service cost $280,000 Interest cost (8% $2,250,000) 180,000 Actual return on plan assets (104,000)

CHAPTER 21 ACCOUNTING FOR LEASES IFRS questions are available at the end of this chapter. TRUE-FALSEConceptual Answer No. Description T 1. Benefits of leasing. F 2. Accounting for long-term leases. F 3. Minimum lease payments. T 4. Accounting for executory costs. F 5. Depreciating a

Accounting for Leases 21 - 21 78. From the viewpoint of Yates, what type of lease agreement exists? a. Operating lease b. Capital lease c. Sales-type lease d. Direct-financing lease 79. If Yates records this lease as a direct-financing lease, what amount would be recorded as

Test Bank for Intermediate Accounting, Fifteenth Edition 21 - 34 Solution 21-111 (cont.) (b) Leased Equipment ....................................................................... 3,408,000 Lease Liability .................................................................. 3,408,000 Interest Expense .......................................................................... 340,800 Lease Liability .............................................................................. 359,200 Cash ................................................................................ 700,000 Depreciation Expense (7/28 $3,408,000) .................................. 852,000 Accumulated Depreciation .............................................. 852,000 (b) Leased Equipment .......................................................................

Test Bank for Intermediate Accounting, Fifteenth Edition 22 - 20 DERIVATIONS Computational (cont.) No. Answer Derivation 43. c [(5/15 + 4/15 + 3/15) $600,000] = $480,000 (AD) ($600,000 $480,000) = $120,000 (BV) [$500,000 ($120,000 2)] (1 .3) = $308,000. 44. a ($500,000 $3000,000) + (*$250,000 $200,000) $250,000. 45.

Statement of Cash Flows 23 - 21 77. Jarvis, Inc. reported net income of $44,000 for the year ended December 31, 2015 Included in net income were depreciation expense of $8,400 and a gain on sale of equipment of $1,700. Each of the following accounts increased during 2015:

Statement of Cash Flows 23 - 41 Ex. 23-122 (cont.) The company also indicates that depreciation expense for the year was $16,700 and that the deferred tax liability account increased $2,600. Instructions Prepare a schedule computing the net cash flow from operating activities that would be shown on

Test Bank for Intermediate Accounting, Fifteenth Edition 23 - 52 Pr. 23-129Statement of cash flows (direct and indirect methods). Hartman, Inc. has prepared the following comparative balance sheets for 2014 and 2015: 2015 2014 Cash $ 292,000 $ 153,000 Accounts receivable 149,000 117,000 Inventory 150,000

Test Bank for Intermediate Accounting, Fifteenth Edition 24 - 20 DERIVATIONS Computational No. Answer Derivation 56. b Revenue test: Total revenue = $1,170,000 10% = $117,000. Operating profit test: $55,000 10% = $5,500. Asset test: Total assets = $2,375,000 10% = $237,500. 57. c $840,000 4 = $210,000.

Balance Sheet and Statement of Cash Flows 5 - 21 96. Huge Cart Inc. gives you the following information pertaining to the year 2014. Net sales $850,000 Cost of goods sold 500,000 Current assets 500,000 Current liabilities 250,000 Average total assets 900,000 Total liabilities 550,000 Net income 150,000