ACC 312 Note Assignment Chapter 20 1. Complete the following problem using Excel. The answer will be graded using the Division Excel Policy for unformatted spreadsheets. Andrews Company provides the f
EXERCISE 20-1 (510 minutes)
(a) Computation of pension expense:
Service cost
$ 60,000
Interest cost ($500,000 X .10)
50,000
Expected return on plan assets
(12,000)
Unrecognized prior service cost amor
EXERCISE 22-9 (1520 minutes)
December 31, 2008
Retained Earnings ($550,000 X 9/55) . 90,000
Accumulated DepreciationMachinery. 90,000
(To correct for the omission of depreciation expense in 2006)
Cost
EXERCISE 22-1 (1015 minutes)
(a) The net income to be reported in 2008, using the retrospective approach, would be computed as
follows:
Income before income tax
$700,000
Income tax (35% X $700,000)
24
EXERCISE 17-7 (1015 minutes)
(a) December 31, 2006
Unrealized Holding Gain or LossIncome. 1,400
Securities Fair Value Adjustment (Trading) . 1,400
(b) During 2007
Cash. 9,400
Loss on Sale of Securitie
ACC 312 Intermediate II
EXAM2
Fall 2017
57 Total Possible Points
Complete the following problems. Make sure you show supportive computations. If not,
partial credit will not be given
Problem 1:
(18 po
ACC 312 Intermediate II
Exam I
Fall 2017
(45 Total possible points)
Problem 1
(11 points) Snow Co. began operations on January 2, 2017. It employs 15 people who work 8hour days. Each employee earns 10
Problem 1
(Accounts and Notes Payable) The following are selected 2017 transactions of Palmeiro
Corporation.
Sept. 1 Purchased inventory from Ripken Company on account for $125,000. Palmeiro
records p
*EXERCISE 20-22 (1012 minutes)
Service cost
Interest on accumulated postretirement benefit obligation
$ 88,000
81,000
(10% X $810,000)
Expected return on plan assets
(34,000)
Amortization of prior ser
ACC 312 Note Assignment Chapter 23 1. Complete the following problem using Excel. The answer will be graded using the Division Excel Policy for unformatted spreadsheets. Maron Corporation's 2012 incom
p20-8
PBO Jan 1
Plan assets jan 1
pension asset/liab jan 1
prior service cost jan 1
service cost
settlement rate
expected rate of return
actual return on plan assets
amort of prior service cost
annual
EXERCISE 22-4 (2530 minutes)
2004
(a) Retained earnings, January 1, as reported .
$160,000
Cumulative effect of change in accounting
principle to average cost.
(15,000) *
Retained earnings, January 1,
P17-15 (LO6) Fair Value Hedge Interest Rate Swap
On December 31, 2017, Mercantile Corp. had a fixed-rate note outstanding, payable in 2 years. It
decides to enter into a 2-year swap with Chicago First
P13-2 (LO1,3) Liability Entries and Adjustments
Listed below are selected transactions of Schultz Department Store for the current year ending
December 31.
(1) On December 5, the store received a depo
ACC 312 Spring 2018
Comprehensive Accounting Cycle Project (ACP)
This comprehensive set of assignments is intended to srengthen students'
understanding about the accounting cycle. The students are ass