答案和详解如下： 1.An analyst gathered the following information about a company: §
Pretax income of $10,000 §
Taxes payable of $2,500 §
Deferred taxes of $500 §
Tax expense of $3,000 What is the firm's reported effective tax rate? A) 30%. B) 5%. C) 25%. D) 35%. The correct answer was A) Reported effective tax rate = Income tax expense / pretax income = $3,000 / $10,000 = 30% Year: | 2002 | 2003 | 2004 | Income Statement: |
| Revenues after all expenses other than depreciation | $200 | $300 | $400 |
| Depreciation expense | 50 | 50 | 50 |
| Income before income taxes | $150 | $250 | $350 |
| Tax return: |
| Taxable income before depreciation expense | $200 | $300 | $400 |
| Depreciation expense | 75 | 50 | 25 |
| Taxable income | $125 | $250 | $375 |
Assume an income tax rate of 40 percent 2.The company's income tax expense for 2002 is: A) $60. B) $0. C) $50. D) $70. The correct answer was A) Effective tax rate = Income tax expense / pretax income Income tax expense = Effective tax rate * pretax income = $150 (.40) = $60
3.Which of the following statements regarding the disclosure of deferred taxes in a company’s balance sheet is most accurate? A) There should be a combined disclosure of all deferred tax assets and liablities. B) With respect to deferred tax assets, current or noncurrent classification is based on the classification of the underlying liability. C) Current deferred tax liability and noncurrent deferred tax asset are netted, resulting in the disclosure of a net noncurrent deferred tax liability or asset. D) Current deferred tax liability, current deferred tax asset, noncurrent deferred tax liability and noncurrent deferred tax asset are each disclosed separately. The correct answer was D) Deferred tax assets and liabilities must be separated between current and noncurrent accounts.
4.A firm purchased a piece of equipment for $6,000 with the following information provided: §
Revenue will be $15,000 per year. §
The equipment has a 3-year life expectancy and no salvage value. §
The firm's tax rate is 30%. §
Straight-line depreciation is used for financial reporting and double declining is used for tax purposes. Calculate taxes payable for years 1 and 2.
A) 3,900 3,900 B) 600
-200 C) 3,300 4,100 D) 4,500 4,500 The correct answer was C) Using DDB:
| Yr. 1 | Yr. 2 | Revenue | 15,000 | 15,000 | Dep. | 4,000 | 1,333 | Taxable Inc | 11,000 | 13,667 | Taxes Pay | 3,300 | 4,100 |
An asset with a 3-year life would have a straight line depreciation rate of 0.3333 per year. Using DDB the depreciation rate is twice this amount or 0.66667. $2,000 is the amount of depreciation left on the equipment in year 2 ($6,000 - $4,000). Therefore, the amount of depreciation in the 2nd year is (0.66667)(2,000) = $1,333 | 
发表于 2008-4-18 16:39
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