Question 1
Parker Co . amended its pension plan on January 2 of the current year . It also granted $ 600,000 of unrecognized prior service costs to its employees . The employees are all active and expect to provide 2,000 service years in the future , with 350 service years this year . What is Parker ' s unrecognized prior service cost amortization for the year ?
Question 2
Note section disclosures in the financial statements for pensions do not require inclusion of which of the following ?
Question 3
For the year ended December 31 , 2004 , Grim Co .' s pretax financial statement income was $ 200,000 and its taxable income was $ 150,000 . The difference is due to the following : Grim ' s enacted income tax rate is 30 %. In its 2004 income statement , what amount should Grim report as current provision for income tax expense ?
Question 4
On December 31 , 20x5 , Rapp Co . changed inventory cost methods to LIFO from FIFO for financial statement and income tax purposes . Rapp is unable to determine the beginning 20x5 inventory under LIFO . Therefore ,
Question 5
Which of the following should be reported as a prior period adjustment ?
Question 6
At 1 / 1 / x6 , there is no net gain or loss for a defined benefit pension plan , and plan assets at market value are $ 45,000 . At 12 / 31 / x6 before