CPA-01247How should a gain from the sale of used equipment for cash be reported in a statement of cash flows using the indirect method?
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1 .Ross Co. pays all salaried employees on a Monday for the five-day workweek ended the previous Friday. The last payroll recorded for the year ended December 31, Year 2, was for the week ended December 25, Year 2. The payroll for the week ended January 1, Year 3, included regular weekly salaries of USD 80,000 and vacation pay of USD 25,000 for vacation time earned in Year 2 not taken by December 31, Year 2. Ross had accrued a liability of USD 20,000 for vacation pay at December 31, Year 1. In its December 31, Year 2, balance sheet, what amount should Ross report as accrued salary and vacation pay?
A USD 68,000 B USD 89,000 C USD 64,000 D USD 69,000
2 .CPA-00776Under current generally accepted accounting principles, which approach is used to determine income tax expense?
A "With and without" approach. B Periodic expense approach. C Asset and liability approach. D Net of tax approach.
3 .CPA-00828Justification for the method of determining periodic deferred tax expense is based on the concept of:
A Consistency of tax expense measurements with actual tax planning strategies. B Recognition of assets and liabilities. C Objectivity in the calculation of periodic expense. D Matching of periodic expense to periodic revenue.
4 .CPA-01043Cobb Co. purchased 10,000 shares (2% ownership) of Roe Co. on February 12, Year 1. Cobb received a stock dividend of 2,000 shares on March 31, Year 1, when the carrying amount per share on Roe's books was USD 35 and the market value per share was USD 40. Roe paid a cash dividend of USD 1.50 per share on September 15, Year 1. In Cobb's income statement for the year ended October 31, Year 1, what amount should Cobb report as dividend income?
A USD 18,000 B USD 98,000 C USD 15,000 D USD 88,000
5 .CPA-01211When computing diluted earnings per share, convertible securities are:
A Ignored. B Recognized only if they are anti-dilutive. C Recognized whether they are dilutive or anti-dilutive. D Recognized only if they are dilutive.
7 .Jan Corp. amended its defined benefit pension plan on January 1, granting a total credit of USD100,000 to four employees for services rendered prior to the plan's adoption. The employees, A, B, C, and D, are expected to retire from the company as follows:"A" will retire after three years"B" and "C" will retire after five years"D" will retire after seven yearsWhat is the amount of prior service cost amortization in the first year under U.S. GAAP?
A USD20,000 B USD0 C USD5,000 D USD25,000
8 .Big Sports Inc. and its subsidiaries, Batter Up, Slam Dunk and Touchdown, had the following defined benefit pension plans at December 31:Big SportsBatter UpSlam DunkTouchdownFair Value - Plan AssetsUSD1,000,000USD1,275,000USD900,000USD200,000PBO1,600,000850,000700,000800,000Benefits Payable - next year425,000360,000150,000245,000How would these pension plans be reported on Big Sports' December 31, consolidated balance sheet under U.S. GAAP?
A Noncurrent asset USD0;Current liability USD45,000;Noncurrent liability USD530,000 B Noncurrent asset USD625,000;Current liability USD45,000;Noncurrent liability USD1,155,000 C Noncurrent asset USD0;Current liability USD0;Noncurrent liability USD575,000 D Noncurrent asset USD625,000;Current liabili...
9 .Stone Co. began operations in Year 1 and reported USD225,000 in income before income taxes for the year. Stone's Year 1 tax depreciation exceeded its book depreciation by USD25,000. Stone also had nondeductible book expenses of USD10,000 related to permanent differences. Stone's tax rate for Year 1 was 40%, and the enacted rate for years after Year 1 is 35%. In its December 31, Year 1, balance sheet, what amount of deferred income tax liability should Stone report?
A USD10,000 B USD14,000 C USD8,750 D USD12,250
10 .Orleans Co., a cash basis taxpayer, prepares accrual basis financial statements. In its Year 2 balance sheet, Orleans' deferred income tax liabilities increased compared to Year 1. Which of the following changes would cause this increase in deferred income tax liabilities?I. An increase in prepaid insurance.II. An increase in rent receivable.III. An increase in warranty obligations.
A I only. B III only. C I and II. D II and III.
