{"id":69549,"date":"2022-06-07T19:08:50","date_gmt":"2022-06-07T19:08:50","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/acct-557-midterm-final-exam\/"},"modified":"2022-06-07T19:08:50","modified_gmt":"2022-06-07T19:08:50","slug":"acct-557-midterm-final-exam","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/acct-557-midterm-final-exam\/","title":{"rendered":"Acct 557 midterm + final exam"},"content":{"rendered":"
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ACCT 557 Intermediate Accounting III<\/span><\/span><\/strong><\/span><\/p>\n

(DeVry – Winter 2016)<\/span><\/strong><\/span><\/p>\n

\u00a0<\/span><\/strong><\/span><\/p>\n

ACCT 557 Week 4 Midterm Exam<\/span><\/strong><\/span><\/p>\n\n\n\n
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Date Taken:<\/span><\/strong><\/p>\n<\/td>\n

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………..2016<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n
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Question Type:<\/span><\/strong><\/p>\n<\/td>\n

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# Of Questions:<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n

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Multiple Choice<\/span><\/strong><\/p>\n<\/td>\n

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11<\/span><\/p>\n<\/td>\n<\/tr>\n

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Short<\/span><\/strong><\/p>\n<\/td>\n

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1<\/span><\/p>\n<\/td>\n<\/tr>\n

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Essay<\/span><\/strong><\/p>\n<\/td>\n

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3<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Question\u00a01.<\/strong><\/span><\/p>\n<\/td>\n

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Question :<\/span><\/p>\n<\/td>\n

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(TCO A) In accounting for a long-term construction-type contract using the percentage-of-completion method, the gross profit recognized during the first year would be the estimated total gross profit from the contract, multiplied by the percentage of the costs incurred during the year to the<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Question\u00a02.<\/strong><\/span><\/p>\n<\/td>\n

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Question :<\/span><\/p>\n<\/td>\n

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(TCO A) Tim Construction Co. began operations in 2014. Construction activity for 2014 is shown below. Tim uses the percentage of completion method.<\/span><\/p>\n\n\n\n\n\n\n
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Contract<\/span><\/p>\n<\/td>\n

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Contract Price<\/span><\/p>\n<\/td>\n

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Billings<\/span><\/p>\n

Through<\/p>\n

12\/31\/14<\/p>\n<\/td>\n

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Collections<\/span><\/p>\n

Through<\/p>\n

12\/31\/14<\/p>\n<\/td>\n

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Costs to<\/span><\/p>\n

12\/31\/14<\/p>\n<\/td>\n

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Estimated<\/span><\/p>\n

Costs to<\/p>\n

Complete<\/p>\n<\/td>\n<\/tr>\n

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1<\/span><\/p>\n<\/td>\n

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$5,200,000<\/span><\/p>\n<\/td>\n

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$3,500,000<\/span><\/p>\n<\/td>\n

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$2,600,000<\/span><\/p>\n<\/td>\n

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3,000,000<\/span><\/p>\n<\/td>\n

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1,000,000<\/span><\/p>\n<\/td>\n<\/tr>\n

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2<\/span><\/p>\n<\/td>\n

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3.600,000<\/span><\/p>\n<\/td>\n

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1,500,000<\/span><\/p>\n<\/td>\n

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1,000,000<\/span><\/p>\n<\/td>\n

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800,000<\/span><\/p>\n<\/td>\n

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1,600,000<\/span><\/p>\n<\/td>\n<\/tr>\n

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3<\/span><\/p>\n<\/td>\n

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3,300,000<\/span><\/p>\n<\/td>\n

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1,900,000<\/span><\/p>\n<\/td>\n

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1,800,000<\/span><\/p>\n<\/td>\n

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2,250,000<\/span><\/p>\n<\/td>\n

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1,200,000<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

What amount of Gross Profit should Tim show on the Income Statement of 2014 related to Contract 2?<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Question\u00a03<\/strong>.<\/span><\/p>\n<\/td>\n

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Question :<\/span><\/p>\n<\/td>\n

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(TCO B) K\u00a0 Corporation’s partial income statement after its first year of operations is as follows:\u00a0<\/span><\/p>\n

Income before Income Taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0$3,750,000<\/p>\n

Income Tax expense\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

\u00a0\u00a0 Current\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $1,035,000<\/p>\n

\u00a0\u00a0 Deferred\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a060,000<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 __________\u00a0\u00a0\u00a0\u00a0\u00a0 1,095,000<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 __________<\/p>\n

Net Income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 $2,655,000<\/p>\n

K uses the straight-line method of depreciation for financial reporting purposes and accelerated depreciation for tax purposes. The amount charged to depreciation expense on its books this year was $1,000,000. No other differences existed between book income and taxable income except for the amount of depreciation.\u00a0<\/p>\n

Assuming a 30% tax rate, what amount was deducted for depreciation on the corporation’s tax return for the current year?<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Question\u00a04<\/strong>.<\/span><\/p>\n<\/td>\n

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Question :<\/span><\/p>\n<\/td>\n

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(TCO B) Deferred tax amounts that are related to specific assets or liabilities should be classified as current or noncurrent based on<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Question\u00a05<\/strong>.<\/span><\/p>\n<\/td>\n

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Question :<\/span><\/p>\n<\/td>\n

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(TCO C) On January 1, 2008, Nen Co. has the following balances:\u00a0<\/span><\/p>\n

Projected benefit obligation\u00a0\u00a0\u00a0 $4,200,000<\/p>\n

Fair value of plan assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,750,000<\/p>\n

The settlement rate is 10%. Other data related to the pension plan for 2014 are:<\/p>\n

Service cost\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $240,000<\/p>\n

Amortization of unrecognized prior service costs \u00a0\u00a0\u00a0\u00a054,000<\/p>\n

Contributions\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 270,000<\/p>\n

Benefits paid\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 225,000<\/p>\n

Actual return on plan assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 264,000<\/p>\n

Amortization of unrecognized net gain\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18,000<\/p>\n

The balance of the projected benefit obligation at December 31, 2014 is<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Question\u00a06<\/strong>.<\/span><\/p>\n<\/td>\n

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Question :<\/span><\/p>\n<\/td>\n

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(TCO C) Presented below is pension information related to Woods, Inc. for the year 2013.<\/span><\/p>\n

Service cost\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $84,000\u00a0<\/p>\n

Interest on projected benefit obligation\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $46,000\u00a0<\/p>\n

Interest on vested benefits\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $30,000\u00a0<\/p>\n

Expected return on plan assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $21,000\u00a0<\/p>\n

The amount of pension expense to be reported for 2013 is<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Question\u00a07<\/strong>.<\/span><\/p>\n<\/td>\n

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Question :<\/span><\/p>\n<\/td>\n

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(TCO D) Capitalization of lease requires which of the following?<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Question\u00a08<\/strong>.<\/span><\/p>\n<\/td>\n

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Question :<\/span><\/p>\n<\/td>\n

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(TCO D) Advantage(s) of leasing versus buying equipment is (are)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Question\u00a09<\/strong>.<\/span><\/p>\n<\/td>\n

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Question :<\/span><\/p>\n<\/td>\n

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(TCO D) Pirate, Inc. leased equipment from Shoreline Enterprises under a four-year lease requiring equal annual payments of $320,000, with the first payment due at lease inception. The lease does not transfer ownership, nor is there a bargain purchase option. The equipment has a 4-year useful life and no salvage value. Pirate, Inc.\u2019s incremental borrowing rate is 10% and the rate implicit in the lease (which is known by ,Pirate Inc.) is 8%. Assuming that this lease is properly classified as a capital lease, what is the amount of interest expense recorded by Pirate, Inc. in the first year of the asset\u2019s life?\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 PV Annuity Due PV Ordinary Annuity<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8%, 4 periods\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.5771\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.31213<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10%, 4 periods\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.48685\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.16986<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Question\u00a010<\/strong>.<\/span><\/p>\n<\/td>\n

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Question :<\/span><\/p>\n<\/td>\n

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(TCO D) On January 2, 2013, Bentley Co. leases equipment from Harry’s Leasing Company with five equal annual payments of $30,000 each, payable beginning December 31, 2013. Bentley Co. agrees to guarantee the $60,000 residual value of the asset at the end of the lease term. Bentley\u2019s incremental borrowing rate is 10%; however, it knows that Harry\u2019s implicit interest rate is 8%. What journal entry would Harry’s Leasing Company make at January 2, 2013 assuming this is a direct\u2013financing lease?<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 PV Annuity Due PV Ordinary Annuity\u00a0\u00a0\u00a0 PV Single Sum<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8%, 5 periods\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.31213\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0 \u00a0\u00a0 3.99271\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.68058<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10%, 5 periods\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.16986\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.79079\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.62092<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Question\u00a011.<\/strong><\/span><\/p>\n<\/td>\n

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Question :<\/span><\/p>\n<\/td>\n

\n

(TCO D) Lease A does not transfer ownership of the property to the lessee by the end of the lease term, but the lease term is equal to 75% of the estimated economic life of the leased property. Lease B does not contain a bargain purchase option, but the lease term is equal to 90% of the estimated economic life of the leased property. How should the lessee classify these leases?<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/span><\/p>\n

\u00a0<\/p>\n\n\n\n
\n\n\n\n
\n

Question\u00a01.<\/strong><\/span><\/p>\n<\/td>\n

\n

Question :<\/span><\/p>\n<\/td>\n

\n

(TCO B) There are four types of temporary differences. Indicate a minimum of two types and for each:<\/span><\/p>\n

(1) indicate the cause of the difference, (2) give an example, and (3) indicate whether it will create a taxable or deductible amount in the future.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n

Question\u00a02.<\/span><\/strong><\/p>\n<\/td>\n

\n

Question :<\/span><\/strong><\/p>\n<\/td>\n

\n

(TCO C) Measuring, recording, and reporting pension expense and liability.\u00a0<\/span><\/p>\n

Feeble Co. on January 1, 2011 initiated a noncontributory, defined-benefit pension plan that grants benefits to its 100 employees for services rendered in years prior to the adoption of the pension plan. The total expected service-years of the 100 employees who are expected to receive benefits under the plan is 1,200. An actuarial consulting firm has indicated that the present value of the projected benefit obligation on January 1, 2011 was $5,040,000. On December 31, 2011 the following information was provided concerning the pension plan’s operations for its first year.<\/p>\n

\u00a0Employer’s contribution at end of year\u00a0$1,600,000<\/p>\n

\u00a0Service cost\u00a0600,000<\/p>\n

\u00a0Projected benefit obligation\u00a06,043,200<\/p>\n

\u00a0Plan assets (at fair value)\u00a01,600,000<\/p>\n

\u00a0Expected return on plan assets\u00a09%<\/p>\n

\u00a0Settlement rate\u00a08%<\/p>\n

Instructions<\/strong><\/p>\n

(a)\u00a0Compute the pension expense recognized in 2011. Assume the prior service cost is amortized over the average remaining service life of the employees.<\/p>\n

(b)\u00a0Prepare the journal entries to reflect accounting for the company’s pension plan for the year ended December 31, 2011.<\/p>\n

(c)\u00a0Indicate the amounts that are reported on the income statement and the balance sheet for 2011.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n

Question\u00a03<\/strong>.<\/span><\/p>\n<\/td>\n

\n

Question :<\/span><\/p>\n<\/td>\n

\n

(TCO A)\u00a0 Chicago contractors got\u00a0 $5,400,000 contract to construct a school building for the City of Chicago. Work on this contract began in 2013 and the financial data pertaining to this contract is available here.<\/span><\/p>\n

Cost incurred till Dec.31, 2013\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $1,080,000<\/p>\n

Billings made to City\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $1,000,000<\/p>\n

Amount collected from City\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $\u00a0 750,000<\/p>\n

The estimated future cost to complete this contract is $3,240,000.\u00a0<\/p>\n

(a) Prepare Chicago contractors 2013 journal entries using completed contract method.<\/p>\n

(b) Show how the contract accounts will appear in the Balance Sheet of Chicago Contractors on 12\/31\/2013.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n

Question\u00a04<\/strong>.<\/span><\/p>\n<\/td>\n

\n

Question :<\/span><\/p>\n<\/td>\n

\n

(TCO B) Hertz Co. prepared the following reconciliation of its pretax financial statement income to taxable income for the year ended December 31, 2013, its first year of operations:<\/span><\/p>\n

Pretax financial income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 $300,000<\/p>\n

Nontaxable interest received on municipal securities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0(15,000)<\/p>\n

Estimated warranties not deductible for tax purpose in 2013\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0 30,000<\/p>\n

Depreciation in excess of financial statement amount\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0(50 ,000<\/span>)<\/p>\n

Taxable income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0$265,000<\/span><\/p>\n

Hertz\u2019s tax rate for Year 2013 and for future years is 40%.<\/p>\n

(a) In its Year 1 income statement, what amount should Hertz report as income tax expense-current portion?<\/p>\n

(b) In its December 31, 2013\u00a0 balance sheet, what amount\u00a0 should Hertz report as deferred income tax liability\/asset?<\/p>\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/span><\/strong><\/span><\/span><\/p>\n

ACCT 557 Week 8 Final Exam<\/span><\/strong><\/span><\/span><\/p>\n

Date Taken: \u2026\u2026..2016<\/span><\/strong><\/p>\n

Question Type: \u00a0\u00a0\u00a0\u00a0\u00a0# Of Questions<\/span><\/strong><\/p>\n

Multiple Choice \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/strong>10 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

Essay \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/strong>6<\/span><\/p>\n

\u00a0<\/span><\/strong><\/p>\n

Question 1.Question : (TCO A)<\/span><\/strong>\u00a0Amazon Building, Inc. won a bid for a new warehouse<\/span><\/p>\n

building contract.<\/span><\/p>\n

Below is information from the project<\/span><\/p>\n

accountant.<\/span><\/p>\n

Total Construction Fixed Price $10,000,000<\/span><\/p>\n

Construction Start Date June 13, 2012<\/span><\/p>\n

Construction Complete Date December 16,<\/span><\/p>\n

2013<\/span><\/p>\n

As of Dec.<\/span><\/p>\n

31\u2026 2012 2013<\/span><\/p>\n

Actual cost<\/span><\/p>\n

incurred $4,500,000 $2,360,000<\/span><\/p>\n

Estimated remaining costs $2,250,000 $-<\/span><\/p>\n

Billed to<\/span><\/p>\n

customer $6,000,000 $4,000,000<\/span><\/p>\n

Received from<\/span><\/p>\n

customer $5,000,000 $3,500,000<\/span><\/p>\n

Assuming Amazon Building, Inc. uses the completed contract<\/span><\/p>\n

method, what amount of gross profit would be recognized in 2013?<\/span><\/p>\n

\u00a0<\/span><\/strong><\/p>\n

Question 2.Question : (TCO B)<\/span><\/strong>\u00a0At the beginning of 2012, Annie, Inc. has a deferred tax<\/span><\/p>\n

asset of $7,500 and deferred tax liability of $10,500. In 2012, pretax<\/span><\/p>\n

financial income was $826,000 and the tax rate was<\/span><\/p>\n

35%.<\/span><\/p>\n

Pretax income included:<\/span><\/p>\n

Interest income from municipal<\/span><\/p>\n

bonds $15,000<\/span><\/p>\n

Accrued warranty costs, estimated to be used in<\/span><\/p>\n

2013 $74,000<\/span><\/p>\n

Prepaid rent expense, will be used in<\/span><\/p>\n

2013 $31,000<\/span><\/p>\n

Installment sales revenue, to be collected in<\/span><\/p>\n

2013 $56,000<\/span><\/p>\n

Operating loss<\/span><\/p>\n

carryforward $71,000<\/span><\/p>\n

What is taxable income for 2012?<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Question 3.Question : (TCO C)<\/span><\/strong>\u00a0Presented below is pension information related to<\/span><\/p>\n

Amazing Goods, Inc. for the year 2013.<\/span><\/p>\n

Service<\/span><\/p>\n

cost $105,000<\/span><\/p>\n

Interest on projected benefit<\/span><\/p>\n

obligation $65,000<\/span><\/p>\n

Interest on vested<\/span><\/p>\n

benefits $14,000<\/span><\/p>\n

Amortization of prior service cost due to increase in<\/span><\/p>\n

benefits $17,000<\/span><\/p>\n

Expected return on plan<\/span><\/p>\n

assets $23,000<\/span><\/p>\n

The amount of pension expense to be reported for 2013 is<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Question 4.Question : (TCO C)<\/span><\/strong>\u00a0Apple Dumpling Inc. sponsors a defined-benefit pension<\/span><\/p>\n

plan. The following data relates to the operation of the plan for the<\/span><\/p>\n

year 2013.<\/span><\/p>\n

Service cost $320,000<\/span><\/p>\n

Contributions to the plan $285,000<\/span><\/p>\n

Actual return on plan assets $215,000<\/span><\/p>\n

Projected benefit obligation (beginning of year) $3,100,000<\/span><\/p>\n

Fair value of plan assets (beginning of year) $3,600,000<\/span><\/p>\n

The expected return on plan assets and the settlement rate were<\/span><\/p>\n

both 9%. The amount of pension expense reported for 2013 is<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Question 5.Question : (TCO D)<\/span><\/strong>\u00a0Animal, Inc. leased equipment from Zoo Enterprises<\/span><\/p>\n

under a 5-year lease requiring equal annual payments of $63,000,<\/span><\/p>\n

with the first payment due at lease inception. The lease does not<\/span><\/p>\n

transfer ownership, nor is there a bargain purchase option. The<\/span><\/p>\n

equipment has a 5-year useful life and no salvage value. Animal,<\/span><\/p>\n

Inc.\u2019s incremental borrowing rate is 10% and the rate implicit in the<\/span><\/p>\n

lease (which is known by Pisa, Inc.) is 8%. Assuming that this lease<\/span><\/p>\n

is properly classified as a capital lease, what is the amount of<\/span><\/p>\n

interest expense recorded by Animal, Inc. in the first year of the<\/span><\/p>\n

asset\u2019s life?<\/span><\/p>\n

PV Annuity Due PV Ordinary<\/span><\/p>\n

Annuity<\/span><\/p>\n

8%, 5 periods 4.31213 3.99271<\/span><\/p>\n

10%, 5 periods 4.16986 3.79079<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Question 6.Question : (TCO E)<\/span><\/strong>\u00a0On December 31, 2013, Bob’s Trucking, Inc.<\/span><\/p>\n

appropriately changed its inventory valuation method from<\/span><\/p>\n

weighted-average cost to FIFO method for financial statement and<\/span><\/p>\n

income tax purposes. The change will result in an $800,000<\/span><\/p>\n

increase in the beginning inventory at January 1, 2013. Assume a<\/span><\/p>\n

40% income tax rate. The cumulative effect of this accounting<\/span><\/p>\n

change on beginning retained earnings is<\/span><\/p>\n

Question 7.Question : (TCO E)<\/span><\/strong>\u00a0Which of the following is not a change in accounting<\/span><\/p>\n

estimate?<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Question 8.Question : (TCO F)<\/span><\/strong>\u00a0Amazing Glory, Inc. recognized a net income of $55,000<\/span><\/p>\n

including $8,000 in depreciation expense.<\/span><\/p>\n

Additional changes from the balance sheet are as follows.<\/span><\/p>\n

Accounts Receivable $1,200 decrease<\/span><\/p>\n

Prepaid Expenses $600 decrease<\/span><\/p>\n

Inventory $14,600 increase<\/span><\/p>\n

Accrued Liabilities $1,000 decrease<\/span><\/p>\n

Accounts Payable $2,100 increase<\/span><\/p>\n

Compute the net cash from operating activities based on the above<\/span><\/p>\n

information.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Question 9.Question : (TCO G)<\/span><\/strong>\u00a0Which of the following events that occurred after the<\/span><\/p>\n

balance sheet date but before issuance of the financial statements<\/span><\/p>\n

would require adjustment of the accounts before issuance of the<\/span><\/p>\n

financial statements?<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Question 10.Question : (TCO G)<\/span><\/strong>\u00a0Adventure, Inc. is a company that operates in four<\/span><\/p>\n

different divisions. The following information relating to each<\/span><\/p>\n

segment is available for 2013.<\/span><\/p>\n

Sales revenue Operating profit (loss) Identifiable assets<\/span><\/p>\n

A $85,000 $31,000 $56,000<\/span><\/p>\n

B $105,000 $(16,000) $82,000<\/span><\/p>\n

C $250,000 $112,000 $640,000<\/span><\/p>\n

D $20,000 $4,000 $35,000<\/span><\/p>\n

Required:<\/span><\/p>\n

For which of the segments would information have to be disclosed<\/span><\/p>\n

in accordance with professional pronouncements?<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Question 11.Question : (TCO A)<\/span><\/strong>\u00a0Adam’s Adorable Creations Company provided the<\/span><\/p>\n

following financial information for its installment sales for the<\/span><\/p>\n

current year.<\/span><\/p>\n

Financial Data:<\/span><\/p>\n

Installment sales for current year $2,400,000<\/span><\/p>\n

Cost of goods sold on installment basis $1,800,000<\/span><\/p>\n

Repossessed merchandise: Estimated value $56,000<\/span><\/p>\n

Repossessed merchandise: Unpaid balances $90,000<\/span><\/p>\n

Payments by customers $1,750,000<\/span><\/p>\n

Required:<\/span><\/p>\n

(a) Prepare journal entries for the end of the year based on<\/span><\/p>\n

the information above.<\/span><\/p>\n

(b) Prepare the entry to record the gross profit realized in the<\/span><\/p>\n

current year.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Question 12.Question : (TCO B)\u00a0<\/span><\/strong>The Accent Corporation shows the following<\/span><\/p>\n

information.<\/span><\/p>\n

On January 1, 2012, Accent purchased a donut machine for<\/span><\/p>\n

$700,000.<\/span><\/p>\n

(a) Pretax financial income is $2,300,000 in 2012 and<\/span><\/p>\n

$2,400,000 in 2013.<\/span><\/p>\n

(b) Taxable income is expected in future years with an<\/span><\/p>\n

expected tax rate of 35%.<\/span><\/p>\n

(c) The company recognized an extraordinary gain of<\/span><\/p>\n

$150,000 in 2013 (which is fully taxable).<\/span><\/p>\n

(d) Tax-exempt municipal bonds yielded interest of<\/span><\/p>\n

$150,000 in 2013.<\/span><\/p>\n

(e) Straight-line basis for 7 years for financial reporting<\/span><\/p>\n

(See Appendix 11A.)<\/span><\/p>\n

(f) Half-year convention basis depreciation for 4 years<\/span><\/p>\n

for tax purposes.<\/span><\/p>\n

Required:<\/span><\/p>\n

(a) Compute taxable income and income taxes<\/span><\/p>\n

payable for 2013.<\/span><\/p>\n

(b) Prepare the journal entries for income tax<\/span><\/p>\n

expense, income taxes payable, and deferred taxes for 2013.<\/span><\/p>\n

(c) Prepare the deferred income taxes presentation for<\/span><\/p>\n

December 31, 2013 balance sheet.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Question 13.Question : (TCO D)<\/span><\/strong>\u00a0Absolute Leasing, Inc. agrees to lease equipment to Allen,<\/span><\/p>\n

Inc. on January 1, 2012. They agree on the following terms:<\/span><\/p>\n

(a) The normal selling price of the equipment is $600,000 and the<\/span><\/p>\n

cost of the asset to Absolute Leasing, Inc. was $475,000.<\/span><\/p>\n

(b) At the end of the lease, the equipment will revert to Absolute<\/span><\/p>\n

Leasing, Inc. and have an unguaranteed residual value of $60,000.<\/span><\/p>\n

Their implicit interest rate is 10%.<\/span><\/p>\n

(c) The lease is noncancelable with no renewal option. The lease<\/span><\/p>\n

term is 10 years (the same as the estimated economic life).<\/span><\/p>\n

(d) Absolute Leasing, Inc. incurred costs of $10,000 in negotiating<\/span><\/p>\n

and closing the lease. There are no uncertainties regarding<\/span><\/p>\n

additional costs yet to be incurred and the collectability of the lease<\/span><\/p>\n

payments is reasonably predictable.<\/span><\/p>\n

(e) The lease begins on January 1, 2012 and payments will be in<\/span><\/p>\n

equal annual installments.<\/span><\/p>\n

(f) Allen will pay all maintenance, insurance, and tax costs directly<\/span><\/p>\n

and annual payments of $65,000 on January 1 of each year.<\/span><\/p>\n

Required:<\/span><\/p>\n

(a) Determine what type of lease this would be for the lessee and<\/span><\/p>\n

calculate the initial obligation.<\/span><\/p>\n

(b) Prepare Allen, Inc.’s amortization schedule for the lease terms.<\/span><\/p>\n

(c) Prepare all the journal entries for Allen, Inc. for 2012. Assume a<\/span><\/p>\n

calendar year fiscal year.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Question 14.Question : (TCO F)<\/span><\/strong>\u00a0Drexon Corp., which follows U.S. GAAP, uses the direct<\/span><\/p>\n

method to report its cash flows. The CFO is assessing the impact on<\/span><\/p>\n

cash flows of 12 events during the fiscal year. Specify which<\/span><\/p>\n

category each event falls under (under the direct method) and note<\/span><\/p>\n

whether it increases cash, decreases cash, or has no impact on cash:<\/span><\/p>\n

# Event<\/span><\/p>\n

1 Accounts payable decreases from $400,000 to $385,000.<\/span><\/p>\n

2 An interest payment of $85,000 is made on a new debt<\/span><\/p>\n

issuance.<\/span><\/p>\n

3 Capital expenditures of $35,000 are made for equipment<\/span><\/p>\n

used in day to day operations.<\/span><\/p>\n

4 Dividends of $6,500 are received from a stock classified<\/span><\/p>\n

as available for sale.<\/span><\/p>\n

5 A gain of $8,200 is booked on the sale of an asset.<\/span><\/p>\n

6 Depreciation and amortization expense totaling $50,000 is<\/span><\/p>\n

booked.<\/span><\/p>\n

7 Drexon purchases a trading security which it classifies as<\/span><\/p>\n

non\u00accurrent.<\/span><\/p>\n

8 Accrued liabilities increase from $245,000 to $250,000.<\/span><\/p>\n

9 40,000 new shares of stock are issued near the close of the<\/span><\/p>\n

fiscal year.<\/span><\/p>\n

10 Drexon purchases 60% of a subsidiary company.<\/span><\/p>\n

11 Accounts receivable decreases from $620,000 to<\/span><\/p>\n

$610,000.<\/span><\/p>\n

12 Dividends of $12,000 are paid on Drexon company stock.<\/span><\/p>\n

.<\/span><\/p>\n

Question 15.Question : (TCO G)<\/span><\/strong>\u00a0Selected financial ratios.<\/span><\/p>\n

The following information pertains to Allbright, Inc.<\/span><\/p>\n

Cash $53,000<\/span><\/p>\n

Accounts receivable $186,000<\/span><\/p>\n

Inventory $82,000<\/span><\/p>\n

Plant assets (net) $320,000<\/span><\/p>\n

Total assets $641,000<\/span><\/p>\n

Accounts payable $85,000<\/span><\/p>\n

Accrued taxes and expenses payable $12,000<\/span><\/p>\n

Long-term debt $268,000<\/span><\/p>\n

Common stock ($10 par) $120,000<\/span><\/p>\n

Paid-in capital in excess of par $6,000<\/span><\/p>\n

Retained earnings $150,000<\/span><\/p>\n

Total equities $641,000<\/span><\/p>\n

Net sales (all on credit) $980,000<\/span><\/p>\n

Cost of goods sold $760,000<\/span><\/p>\n

General & Admin Expenses $160,000<\/span><\/p>\n

Net income $60,000<\/span><\/p>\n

Required<\/span><\/p>\n

Compute the following: (It is not necessary to use averages for any<\/span><\/p>\n

balance sheet figures involved.)<\/span><\/p>\n

(a) Current ratio<\/span><\/p>\n

(b) Inventory turnover<\/span><\/p>\n

(c) Receivables turnover<\/span><\/p>\n

(d) Book value per share<\/span><\/p>\n

(e) Earnings per share<\/span><\/p>\n

(f) Debt to total assets<\/span><\/p>\n

(g) Profit margin on sales<\/span><\/p>\n

(h) Return on common stock equity<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Question 16.Question : (TCO E)<\/span><\/strong>\u00a0Please describe the requirements for a change in<\/span><\/p>\n

accounting principle and at least four reasons why companies might\u00a0<\/span>implement a change in accounting principle.<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

ACCT 557 Intermediate Accounting III (DeVry – Winter 2016) \u00a0 ACCT 557 Week 4 Midterm Exam Date Taken: ………..2016 Question Type: # Of Questions: Multiple Choice 11 Short 1 Essay 3 Question\u00a01. Question : (TCO A) In accounting for a long-term construction-type contract using the percentage-of-completion method, the gross profit recognized during the first year […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-69549","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/69549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=69549"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/69549\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=69549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=69549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=69549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}