Questions from Intermediate Accounting

Q: How can retained earnings be restricted by law? In what other

How can retained earnings be restricted by law? In what other ways can retained earnings be restricted?

Q: Joyce Smithers Inc. reported the following amounts related to income taxes

Joyce Smithers Inc. reported the following amounts related to income taxes on its 2013 income statement. Income tax expense—current . . . . . . . . . . . . . . . . . . . . . . . . ....

Q: The following announcement appeared on the financial page of a newspaper:

The following announcement appeared on the financial page of a newspaper: The board of directors of Benton Co., at its meeting on June 15, 2013, declared the regular quarterly dividend on outstanding...

Q: Victoria Clothing reported the following amounts related to income taxes on its

Victoria Clothing reported the following amounts related to income taxes on its 2013 income statement. Income tax benefit from NOL carryback . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

Q: What is the historical significance of par value?

What is the historical significance of par value?

Q: A. J. Johnson & Co. recorded certain revenues on

A. J. Johnson & Co. recorded certain revenues on its books in 2013 and 2014 of $15,400 and $16,600, respectively. However, such revenues were not subject to income taxation until 2015. The company...

Q: The directors of The Dress Shoppe are considering declaring either a stock

The directors of The Dress Shoppe are considering declaring either a stock dividend or a stock split. They have asked you to explain the difference between a stock dividend and a stock split and the a...

Q: Polytechnic Corporation reported taxable income of $2,340,000

Polytechnic Corporation reported taxable income of $2,340,000 for the year ended December 31, 2013. The controller is unfamiliar with the required treatment of temporary and permanent differences in r...

Q: What three types of unrealized gains and losses are shown as direct

What three types of unrealized gains and losses are shown as direct equity adjustments (part of accumulated other comprehensive income), bypassing the income statement? Briefly explain each.

Q: Distinguish between time-factor and use-factor methods of depreciation

Distinguish between time-factor and use-factor methods of depreciation.