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