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How are deferred tax liabilities and assets categorized on the balance sheet?
Hot, Inc.'s primary competitor is Cold, Inc. When comparing relative deferred tax asset and
liability accounts with Cold, which of the following should Hot do?
22.
Paint, Inc., a domestic corporation, owns 100% of Blue, Ltd., a foreign corporation and
Yellow, Inc., a domestic corporation. Paint also owns 40% of Green, Inc., a domestic
corporation. Paint receives no distributions from any of these corporations. Which of these
entities' net income are included in Paint's income statement for current year financial reporting
purposes?
23.
Nocera, Inc. earns book net income before tax of $600,000 in 2010. Nocera acquires a
depreciable asset in 2010 and first year tax depreciation exceeds book depreciation by
$120,000. Nocera has no other temporary or permanent differences. Assuming the U.S. tax rate
is 35%, what is Nocera's total income tax expense reported on its financial statements for
2010?
24.
Which of the following items are not included in the income tax note for a publicly traded
company?
25.
Larson, Inc., hopes to report a total book tax expense of $160,000 in the current year. This
$160,000 expense consists of $240,000 in current tax expense and an $80,000 tax benefit
related to the expected future use of an NOL by Larson. If the auditors determine that a
valuation allowance of $30,000 must be placed against Larson's deferred tax assets, what is
Larson's total book tax expense?
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