答案和详解如下： 21.What is the deferred tax liability as of the end of year one? A) $1,909 B) $780. C) $1,129. D) $320. The correct answer was B) The deferred tax liability for year 1 will be $780.
Pretax Income = $4,657 = ( $7,192 - $2,535)
Taxable Income = $2,755 = ($7,192 - $4,437)
Deferred Tax liability = $780 = [($4,657 - $2,755)(0.41)] Alternative solution:
The difference in depreciation at the end of year one is $12,676 × (0.35 - 0.20) = $1901.
Deferred tax liability = difference in depreciation × tax rate = $1901 × 0.41 = $780.
22.What is the deferred tax liability as of the end of year three? A) $780. B) $1,029. C) $2,079. D) $1,909. The correct answer was C) The deferred tax liability at the end of year 3 will be $2,079 = ($780 + $780 + $519).
Pretax Income = $4,657 ( $7,192 - $2,535)
Taxable Income = $3,389 [$7,192 - ($12,676 x 0.30)]
Deferred Tax liability for year 3 = $519 [($4,657 - $3,389)(0.41)]
Deferred Tax liability for year 1 = $780 [($4,657 - $2,755)(0.41)]
Deferred Tax liability for year 2 = $780 [($4,657 - $2,755)(0.41)] Alternative solution:
For tax purposes the machine is 100% depreciated out at the end of year three, while for GAAP it is only 60% depreciated.
The difference in depreciation is $12,676 * (1.00 - 0.60) = $5070.
Deferred tax liability = difference in depreciation * tax rate = $5070 * 0.41 = $2079. 23.For the year ended 31 December 2004, Pick Co's pretax financial statement income was $400,000 and its taxable income was $300,000. The difference is due to the following: Interest on tax-exempt municipal bonds | $140,000 | Premium expense on key person life insurance | $(40,000) |
| Total | $100,000 | | | |
Pick's statutory income tax rate is 30 percent. In its 2004 income statement, what amount should Pick report as current provision for tax payable? A) $102,000. B) $120,000. C) $132,000. D) $90,000. The correct answer was D) According to SFAS 109, Current provision = statutory rate * taxable income 30% = Taxes Payable / $300,000 = 0.30 × $300,000 = $90,000
24.The Puchalski Company reported the following:
| Year 1 | Year 2 | Year 3 | Year 4 | Income before taxes | $1,000 | $1,000 | $900 | $800 | Taxable income | $800 | $900 | $900 | $1,000 |
Puchalski had no deferred tax liability prior to Year 1. If the tax rate is 40 percent, what is the amount of the deferred tax liability reported at the end of Year 4? A) $80. B) $120. C) $160. D) $40. The correct answer was D)
| Year 1 | Year 2 | Year 3 | Year 4 | Income tax expense | $400 | $400 | $360 | $320 | Taxes paid | $320 | $360 | $360 | $400 | Deferred tax liability | $80 | $120 | $120 | $40 |
25.If a firm overestimates its warranty expenses, which of the following results is least likely? A) Income tax expense will be greater than taxes payable. B) A deferred tax asset will result. C) A timing difference will result between tax and financial reporting. D) A temporary difference will result between tax and financial reporting. The correct answer was A) Income tax expense will be less than taxes payable because the firm can only recognize warranty expense as they occur. Thus, if the warranty expenses are overestimated on the financial statements income tax expense will be less that taxes payable. | 
发表于 2008-4-18 16:25
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