29 Jun Question 11. During the thi
Question
11. During the third quarter of 2008, Pride Company sold a piece of equipment at an $8,000
gain. What portion of the gain should Pride report in its income statement for the third
quarter of 2008?
A. $0
B. $2,000
C. $4,000
D. $8,000
12. On March 15, 2009, Clarion Company paid property taxes of $60,000 on its factory building for calendar year 2009. On July 1, 2009, Clarion made $40,000 in unanticipated repairs to its machinery. The repairs will benefit operations for the remainder of the calendar year. What total amount of these expenses should be included in Clarion’s quarterly income statement for the three months ended September 30, 2009?
A. $55,000
B. $15,000
C. $35,000
D. $40,000
Forge Company, a calendar-year entity, had 6,000 units in its beginning inventory for 2008. On December 31, 2007, the units had been adjusted down to $470 per unit from an actual cost of $510 per unit. It was the lower of cost or market. No additional units were purchased during 2008. The following additional information is provided for 2008:
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Forge does not have sufficient experience with the seasonal market for its inventory units and assumes that any reductions in market value during the year will be permanent.
13. Based on the preceding information, the cost of goods sold for the first quarter is:
A. $636,000
B. $564,000
C. $546,000
D. $624,000
14. Based on the preceding information, the cost of goods sold for the second quarter is:
A. $416,000
B. $364,000
C. $304,000
D. $424,000
15. Based on the preceding information, the cost of goods sold for the year 2008, is:
A. $2,080,000
B. $1,880,000
C. $1,835,000
D. $1,910,000
16. Samuel Corporation foresees a downturn in its business in the medium term. It expects to sustain an operating loss of $160,000 for the full year ending December 31, 2008. Samuel’s tax rate is 35 percent. Anticipated tax credits for 2008 total $8,000. No permanent differences are expected. Realization of the full tax benefit of the expected operating loss and realization of anticipated tax credits are assured beyond any reasonable doubt because they will be carried back. For the first quarter ended March 31, 2008, Samuel reported an operating loss of $30,000. How much of a tax benefit s
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