答案和详解如下： Q1. A company purchased a new pizza oven directly from Italy for $12,675. It will work for 5 years and has no salvage value. The tax rate is 41%, and annual revenues are constant at $7,192. 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. Assume the tax rate for years 4 and 5 changed from 41% to 31%. What will be the deferred tax liability as of the end of year 3 and the resulting adjustment to net income in year 3 for financial reporting purposes due to the change in the tax rate? Deferred Tax Liability Net Income
A) $1,572 $747 B) $1,039 $507 C) $1,572 $507 Correct answer is C) Straight-line depreciation is $12,675 / 5 = $2,535.
Financial statement income is $7,192 − $2,535 = $4,657.
Accelerated depreciation is $12,675(0.35) = $4,436 in years 1 and 2 and $12,675(0.3) = $3,803 in year 3.
Taxable income is $7,192 − $4,436 = $2,756 in years 1 and 2 and $7,192 − $3,803 = $3,389 in year 3. At the old tax rate of 41%:
Deferred Tax liability for year 1 = $779.41 [($4,657 − $2,756)(0.41)]
Deferred Tax liability for year 2 = $779.41 [($4,657 − $2,756)(0.41)]
Deferred Tax liability for year 3 = $519.88 [($4,657 − $3,389)(0.41)]
Deferred tax liability at the end of year 3, before the change in tax rate, is $2,079 = ($779.41 + $779.41 + $519.88) At the new tax rate of 31%:
Deferred Tax liability for year 1 = $589.31 [($4,657 − $2,756)(0.31)]
Deferred Tax liability for year 2 = $589.31 [($4,657 − $2,756)(0.31)]
Deferred Tax liability for year 3 = $393.08 [($4,657 − $3,389)(0.31)]
Deferred tax liability at the end of year 3, after the change in tax rate, will be $1,572 = ($589.31 + $589.31 + $393.08) The deferred tax liability will decrease by $507 = ($2,079 − $1,572) due to the new lower tax rate. An adjustment of $507 in tax expense will result in increase in net income by the same amount $507. Another way of answering this question is as follows: The deferred tax liability is the cost of the oven multiplied by the difference in the amount of depreciation at the end of year 3 between accelerated depreciation (100%) and straight line (60%) depreciation methods multiplied by the tax rate ((12,675 × 0.4) × 0.31 = $1,572). The change in net income due to the change in tax rates is the cost of the oven multiplied by the difference in the amount of depreciation at the end of year 3 multiplied by the difference in tax rates (12,675 × 0.4 × (0.41 − 0.31) = 507). Q2. An analyst has gathered the following tax information:
| Year 1 | Year 2 | Pretax Income | $60,000 | $60,000 | Taxable Income | $50,000 | $65,000 |
The current tax rate is 40%. Assume the tax rate is reduced to 30% and the change is enacted at the beginning of Year 2. In year 1, what are the taxes payable and what is the deferred tax liability? Taxes Payable Deferred Tax Liability
A) $20,000 $3,000 B) $24,000 $3,000 C) $20,000 $1,500 Correct answer is A) Taxes Payable = Taxable Income × Current Tax Rate = $50,000 × 40% = $20,000. The taxes payable will be based on the current tax rate of 40%.
Deferred Tax Liability = (Pretax Income − Taxable Income) × 30% = ($60,000 − 50,000) × 30% = $3,000.
SFAS 109 requires adjustments to deferred tax assets and liabilities to reflect the impact of a change in tax rates or tax laws. | 
发表于 2009-1-19 10:38
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