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 any actuarial gain or loss is computed ( but after pension expense has been recorded and funding has occurred ), the following data apply : PBO , $ 50,000Assets at market value , $ 40,000Expected rate of return on assets , 10 % Actual return , $ 3,000A $ 2,000 actuarial gain is determined at 12 / 31 / x6 . By what amount is the Pension Gain / Loss-OCI account changed in 20x6 ? And what portion of that change is subject to amortization in 20x7 ?
Question 7
Graf Corp .' s 2005 income statement showed pretax accounting income of $ 200,000 . To compute the federal income tax liability , the following 2005 data are provided : If the alternate