Test 2 answers Fall 2011 3312 - $2,105,150 12/31/2012...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Test 2 answers 3312 Fall 2011 Problem 1 12/31/2011 Securities Fair Value Adjustment (Trading) $3,000 12 pts A Unrealized Holding Gain (I/S) $3,000 3/1/2012 Cash $86,500 4 pts B Gain on Investments $6,500 Investment-Trading-Thomas $80,000 4/1/2012 Investments-Trading-Werth $270,550 4 pts C Cash $270,550 12/31/2012 Securities Fair Value Adjustment (Trading) $3,450 12 pts 532550 539000 D Unrealized Holding Gain (I/S) $3,450 6450 Problem 2 12/31/2010 Construction Expense $1,000,000 Construction In Process $500,000 11 pts Construction Revenue $1,500,000 12/31/2011 Construction Expense $1,800,000 Construction In Process $305,150 11 pts Construction Revenue
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: $2,105,150 12/31/2012 Construction Expense $2,800,000 Construction In Process $405,150 11 pts Construction Revenue $2,394,850 Problem 3 Future Taxable Amounts 2011 2012 2013 2014 Depreciation $52,500 $52,500 $52,500 $52,500 0.3 0.3 0.3 0.3 $15,750 $15,750 $15,750 $15,750 $63,000 11 pts Future Deductible Amounts 2011 2012 2013 2014 Litigation Accrual $85,000 Cash Rents $60,000 0.3 0.3 $18,000 $25,500 $43,500 11 pts Deferred Tax Expense $19,500 12/31/2010 Tax Expense $198,000 Deferred Tax Asset $43,500 Deferred Tax Liability $63,000 Taxes Payable $178,500 11 pts...
View Full Document

Ask a homework question - tutors are online