Reading 37: Income Taxes - LOS d ～ Q3-4 income, white, style, black, class

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Q3. Total income tax expense for Year 1 is:

A)   $23,000.

B)   $17,000.

C)   $24,000.

Q4. Laser Tech has net temporary differences between tax and book income resulting in a deferred tax liability of $30.6 million. According to U.S. GAAP, an increase in the tax rate would have what impact on deferred taxes and net income, respectively:

          Deferred Taxes                Net Income

 

A)    Increase                              No effect

B)    Increase                              Decrease

C)    No effect                             Decrease

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