答案和详解如下： Q15. An analyst gathered the following information about a company: - Taxable income = $100,000.
- Pretax income = $120,000.
- Current tax rate = 20%.
- Tax rate when the reversal occurs will be 10%.
What is the company's tax expense? A) $22,000. B) $24,000. C) $10,000. Correct answer is A) Deferred tax liability = (120,000 − 100,000) × 0.1 = 2,000 Tax expense = current tax rate × taxable income + deferred tax liability 0.2 × 100,000 + 2,000 = 22,000 Q16. Graphics, Inc. has a deferred tax asset of $4,000,000 on its books. As of December 31, it became more likely than not that $2,000,000 of the asset’s value may never be realized because of the uncertainty of future income. Graphics, Inc. should: A) not make any adjustments until it is certain that the tax benefits will not be realized. B) reverse the asset account permanently by $2,000,000. C) reduce the asset by establishing a valuation allowance of $2,000,000 against the asset. Correct answer is C) r If it becomes more likely than not that deferred tax assets will not be fully realized, a valuation allowance that reduces the asset and also reduces income from continuing operations should be established. Q17. A dance club purchased new sound equipment for $25,352. It will work for 5 years and has no salvage value. Their tax rate is 41%, and their annual revenues are constant at $14,384. For financial reporting, the straight-line depreciation method is used, but for tax purposes depreciation is accelerated to 35% in years 1 and 2 and 30% in Year 3. For purposes of this exercise ignore all expenses other than depreciation. What is the tax payable for year one?
A) $779. B) $1,909. C) $2,259. Correct answer is C) r Tax payable for year one will be $2,259 = [{$14,384 − ($25,352 × 0.35)} × 0.41]. Q18. What is the deferred tax liability as of the end of year one?
A) $1,909. B) $1,559. C) $1,129. Correct answer is B) The deferred tax liability for year 1 will be $780.
Pretax Income = $9,314 ( $14,384 − $5,070).
Taxable Income = $5,511 ($14,384 − $8,873).
Deferred Tax liability = $1,559 [($9,314 − $5,511)(0.41)]. Q19. What is the deferred tax liability as of the end of year three?
A) $780. B) $4,158. C) $1,029. Correct answer is B) The deferred tax liability at the end of year 3 will be $4,158 ($1,559 + $1,559 + $1,040).
Pretax Income = $9,314 = ( $14,384 − $5,070).
Taxable Income = $6,778 = [$14,384 − ($25,352 × 0.30)].
Deferred Tax liability for year 3 = $1,040 = [($9,314 − $6,778)(0.41)]. Deferred Tax liability for year 1 = $1,559 = [($9,314 − $5,511)(0.41)].
Deferred Tax liability for year 2 = $1,559 = [($9,314 − $5,511)(0.41)]. | 
发表于 2009-1-19 10:46
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