Obtain the KraftHeinz 2014 Annual Report online (amounts in annual report and in
ID: 2748745 • Letter: O
Question
Obtain the KraftHeinz 2014 Annual Report online (amounts in annual report and in questions are in $M)
1.What is the total amount of deferred taxes (assets and/or liabilities)
2.How much of the net deferred tax assets at fiscal year-end 2014 are due to pension benefit plans?
3.Explain why deferred taxes might result due to benefit plans.
4.Prepare the journal entry to record income tax expense for fiscal year 2014 (present any deferred tax asset and any deferred tax liability as a net amount in the journal entry)
5.What was total pension expense for fiscal year 2014?
6.How much pension expense was due to KraftHeinz’s U.S. plans?
7.How much pension expense was due to KraftHeinz’s non-U.S. plans?
8.How much did Heinz contribute to its defined benefit U.S. plans for fiscal year 2014?
9.In total, are KraftHeinz’s defined benefit pension plans over-funded or under-funded? Show your reasoning.
10.How much is the asset gain or loss (unexpected asset gain or loss) for 2014?
11.How much is the liability gain or loss (unexpected liability gain or loss) for 2014?
12.Suppose that after preparation of the 2014 financial statements, it was discovered that the ending inventory for 2014 had been overstated by $120. Furthermore, the ending inventory for 2013 had been overstated by $80. What is the proper amount that should be shown for Retained Earnings for 2014 (assume the income tax rate is equal to the effective tax rate for 2014)?
Explanation / Answer
1.What is the total amount of deferred taxes (assets and/or liabilities)
Deferred income taxes Asset is $ 384
Deferred income taxes liabiity Is $ 340
Net Deferred tax Asset is $ 44
Deferred tax assets are recognised for temporary differences, operating loss carryforwards, and tax credit carryforwards.
2.How much of the net deferred tax assets at fiscal year-end 2014 are due to pension benefit plans?
Net deferred tax assets for 2014 due to pension benefit plans is $ 407
3.Explain why deferred taxes might result due to benefit plans.
4.Prepare the journal entry to record income tax expense for fiscal year 2014 (present any deferred tax asset and any deferred tax liability as a net amount in the journal entry)
5.What was total pension expense for fiscal year 2014?
Total Pension expenses =US Plans 839+non US plans 21= $ 860
6.How much pension expense was due to KraftHeinz’s U.S. plans?
Pension Expenses due to US plans = $ 839
7.How much pension expense was due to KraftHeinz’s non-U.S. plans?
Pension Expenses due to non US plans = $21
8.How much did Heinz contribute to its defined benefit U.S. plans for fiscal year 2014?
9.In total, are KraftHeinz’s defined benefit pension plans over-funded or under-funded? Show your reasoning.
10.How much is the asset gain or loss (unexpected asset gain or loss) for 2014?
11.How much is the liability gain or loss (unexpected liability gain or loss) for 2014?
12.Suppose that after preparation of the 2014 financial statements, it was discovered that the ending inventory for 2014 had been overstated by $120. Furthermore, the ending inventory for 2013 had been overstated by $80. What is the proper amount that should be shown for Retained Earnings for 2014 (assume the income tax rate is equal to the effective tax rate for 2014)?
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