Questions from Intermediate Accounting

Q: How is the classification of assets (current or noncurrent) arising

How is the classification of assets (current or noncurrent) arising from NOL carryforwards determined under FASB ASC Topic 740?

Q: On January 1, 2012, Housen Company issued 10-year

On January 1, 2012, Housen Company issued 10-year bonds of $500,000 at 102. Interest is payable on January 1 and July 1 at 10%. On April 1, 2013, Housen Company reacquires and retires 50 of its own $1...

Q: Is prior service cost recognized as an expense in the period in

Is prior service cost recognized as an expense in the period in which it initially arises?

Q: On January 1, 2012, Terrel Company sold $100,

On January 1, 2012, Terrel Company sold $100,000 of 10-year, 8% bonds at 93.5, an effective rate of 9%. Interest is to be paid on July 1 and December 31. Compute the amount of premium or discount amor...

Q: In practice, the provisions for accounting for uncertain tax positions are

In practice, the provisions for accounting for uncertain tax positions are relatively easy to apply.” Do you agree or disagree? Explain.

Q: Assume that $280,000 of Denham Springs School District 8

Assume that $280,000 of Denham Springs School District 8% bonds are sold on the bond issue date for $257,196. Interest is payable semiannually, and the bonds mature in 15 years. The purchase price pro...

Q: What rules govern the netting of deferred tax assets and deferred tax

What rules govern the netting of deferred tax assets and deferred tax liabilities?

Q: Tanzanite Corporation issued $500,000 of 7% debentures to

Tanzanite Corporation issued $500,000 of 7% debentures to yield 11%, receiving $424,624. Interest is payable semiannually, and the bonds mature in five years. 1. What entries would be made by Tanzanit...

Q: In 1996, the IASB revised IAS 12. Did that revision

In 1996, the IASB revised IAS 12. Did that revision make the international standard for deferred tax accounting more or less similar to the U.S. standard?

Q: Jennifer Stack acquired $50,000 of Old town Corp.

Jennifer Stack acquired $50,000 of Old town Corp. 9% bonds on July 1, 2010. The bonds were acquired at 92; interest is paid semiannually on March 1 and September 1. The bonds mature September 1, 2017....