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.

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

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.

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.

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.

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
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
Deferred tax credit	–33,075	–11,025	11,025	33,075
Total deferred tax credit	–33,075	–44,100	–33,075

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)].