答案和详解如下： 11.A firm is purchasing a new file server for $680,000, with a 4-year expected life and a salvage value of $50,000. It is expected that the new server will generate an additional $200,000 in revenue each year. The firm will use the straight line method to depreciate the server for financial reporting, but the sum-of-year’s digits (SYD) method for tax purposes. The tax rate is 35 percent. What will be the accumulated deferred tax liability at the end of the second year? A) $11,025. B) $3,850. C) $44,100. D) $33,075. The correct answer was C) Year | 1 | 2 | 3 | 4 | Annual Revenue | 200,000 | 200,000 | 200,000 | 200,000 | Dep. For Tax | 252,000 | 189,000 | 126,000 | 63,000 | Income | –52,000 | 11,000 | 74,000 | 137,000 | Tax | –18,200 | 3,850 | 25,900 | 47,950 |
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| Dep. For Reporting | 157,500 | 157,500 | 157,500 | 157,500 | Income | 42,500 | 42,500 | 42,500 | 42,500 | Tax | 14,875 | 14,875 | 14,875 | 14,875 |
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| Deferred tax credit | –33,075 | –11,025 | 11,025 | 33,075 | Total deferred tax credit | –33,075 | –44,100 | –33,075 |
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12.A firm is purchasing a new file server for $680,000 with a 4-year expected life and a salvage value of $50,000. It is expected that the new server will generate an additional $200,000 in revenue each year. The firm will use the straight line method to depreciate the server for financial reporting, but the sum-of-year’s digits (SYD) method for tax purposes. How much tax will be payable in year two, assuming a 35 percent tax rate? A) $3,850. B) -$1,400. C) $14,875 D) $10,500 The correct answer was A) Income for each year is expected to be $200,000. The second year’s depreciation will be ($680,000 – $50,000) × 0.3 = $189,000, so the taxable income will be $11,000 and the tax will be $11,000 × 0.35 = $3,850.
13.Kruger Associates uses an accrual basis for financial reporting purposes and cash basis for tax purposes. Cash collections from customers are $476,000, and accrued revenue is only $376,000. Assume expenses at 50 percent in both cases (i.e., $ 238,000 on cash basis and $ 188,000 on accrual basis), and a tax rate of 34 percent. What is the deferred tax asset or liability? A deferred tax: A) liability of $17,000. B) asset of $48,960. C) liability of $48,960. D) asset of $17,000. The correct answer was D) Since taxable income ($238,000) exceeds pretax income ($188,000), Kruger will have a deferred tax asset of $17,000 [($238,000 - $188,000)(0.34)].
14.This year, Blue Horizon has recorded $390,000 in revenue for financial reporting purposes, but, on a cash basis, revenue was only $262,000. Assume expenses at 50 percent in both cases (i.e., $ 195,000 on accrual basis and $ 131,000 on cash basis), and a tax rate of 34 percent. What is the deferred tax liability or asset? A deferred tax: A) asset of $21,760. B) asset of $16,320. C) liability of $16,320. D) liability of $21,760. The correct answer was D) Since pretax income ($195,000) exceeds the taxable income ($131,000), Blue Horizon will have a deferred tax liability of $21,760 [( $195,000 - $131,000)(0.34)].
15.Camphor Associates uses accrual basis for financial reporting purposes and cash basis for tax purposes. Cash collections from customers is $238,000, and accrued revenue is only $188,000 . Assume expenses at 50 percent in both cases (i.e., $119,000 on cash basis and $94,000 on accrual basis), and a tax rate of 34 percent. What is the deferred tax asset/liability in this case? A deferred tax: A) liability of $8,500. B) asset of $48,960. C) liability of $48,960. D) asset of $8,500. The correct answer was D) Since taxable income ($119,000) exceeds pretax income ($94,000), Camphor will have a deferred tax asset of $8,500 = [($119,000 - $94,000)(0.34)].
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发表于 2008-4-18 15:39
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