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ACCT 557 Week 1 to 8

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solution


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Question;ACCT;557 Week 1 to 8;Week 1 Homework;Week 1 Quiz;Week 2 Homework, Chapter 19;Week 2 Quiz;Week 3 Homework;Week 3 Quiz (03 Sets);Week 4 Homework;Week 4 Quiz;Week 5 Homework, Chapter 22;Week 5 Quiz (02 sets);Week 6 Homework;Week 6 Quiz;Week 7 Homework, Chapter 24;Week 7 Quiz;Week;8 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

 

Paper#37997 | Written in 18-Jul-2015

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