Quiz – Tango Co.
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given the book value, pre-tax loss, income tax rate, and fair value they ask you to determine reported discontinued operations in the company’s income statement.
Given the book value, pre-tax loss, income tax rate, and fair value they ask you to determine reported discontinued operations in the company’s income statement.
Given the amount a tractor rig sells for along with the purchase plan and interest rate, they ask you to calculate the annual lease payment along with determining the interest income earned.
Given starting inventory along with purchases and sales, they ask you to determine the ending inventory assuming LIFO and a periodic inventory system.
How should a company record the purchase of equipment when it was bought for cash, incurred a shipping cost, and given the fair value at the time of purchase?
Given a list of information about the company they ask you to determine the amount of current assets, assuming the accounts above reflect the normal activity.
Given the inventory at the beginning and end of the year along with the cost index, they ask you to determine the LIFO inventory.
Given two options for a pension plan, they ask you to determine the present value of the pension plan at both the time of retirement and at the current time.
Determine which is true regarding the company’s costs given the LIFO reserves.
Given information on a note signed and the amount exchanged for, they ask you to prepare a journal entry along with computing the effective annual rate of interest.
Given the fair value for an office building, land, and equipment along with the amount that the building was recorded for, they ask you to determine the total purchase cost for the assets.