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AC302-Unit5Quiz-n
Course: ACC 302, Spring 2012School: Kaplan University
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Word Count: 672
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operations: 2010Pretaxoperatingloss,$30,000 2011Pretaxoperatingloss,$200,000 2012Pretaxoperatingincome,$300,000 Nopermanentortemporarydifferencesoccurredduringthesefiscalperiods.Assuminganincome 1. Question: HarlingenCompanyreportedthefollowingoperatingresultsduringitsfirstthreeyearsof taxrateof30%,HarlingenshouldreportacurrentincometaxliabilityasofDecember31,2012,in theamountof StudentAnswer: $0 $21,000...
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operations:
2010Pretaxoperatingloss,$30,000
2011Pretaxoperatingloss,$200,000
2012Pretaxoperatingincome,$300,000
Nopermanentortemporarydifferencesoccurredduringthesefiscalperiods.Assuminganincome 1.
Question:
HarlingenCompanyreportedthefollowingoperatingresultsduringitsfirstthreeyearsof
taxrateof30%,HarlingenshouldreportacurrentincometaxliabilityasofDecember31,2012,in
theamountof
StudentAnswer:
$0
$21,000
$69,000
$90,000
PointsReceived:
2of2
Comments:
2.
Question:
In2010,itsfirstyearofoperations,WichitaFallsCompanyreportedpretaxaccountingincomeof
$60,000.Includedinthe$60,000wasanexpenseforaccrued,unpaidwarrantycostsof$8,000,
whicharenotdeductibleuntilpaidforincometaxpurposes.WichitaFallsincometaxratewas
20%.Theentrytorecordtheincometaxexpensewouldincludea
StudentAnswer:
credittoIncomeTaxExpensefor
$12,000
credittoIncomeTaxesPayable
for$12,000
credittoDeferredTaxLiabilityfor
$1,600
debittoDeferredTaxAssetfor
$1,600
PointsReceived:
Comments:
2of2
3.
Question:
Intraperiodtaxallocationwouldbeappropriatefor
StudentAnswer:
anextraordinarygain
alossfromoperationsofa
discontinuedsegment
thecumulativeeffectsofchanges
inaccountingprinciples
allofthese
PointsReceived:
2of2
Comments:
4.
Question:
Theinterperiodtaxallocationmethodthatisbalancesheetoriented,reportsdeferredtaxesbased
onthefutureenactedtaxrates,andmorecloselymeetstheconceptualdefinitionsofassetsand
liabilitiesestablishedbytheFASBisthe
StudentAnswer:
deferredmethod
netoftaxmethod
partialincometaxallocation
approach
asset/liabilitymethod
PointsReceived:
2of2
Comments:
5.
Question:
Whichoneofthefollowingstatementsregardingoperatinglossesisnottrue?
StudentAnswer:
Thetaxbenefitofanoperating
losscarrybackisrecognizedin
theperiodoflossasacurrent
receivableonthebalancesheet.
Temporarydifferencesand
operatinglosscarryforwardsare
accountedforsimilarly.
Thejournalentrytorecognizean
operatinglosscarrybackwould
includeacredittoIncomeTax
BenefitfromOperatingLoss
Carryback.
Thetaxbenefitofanoperating
losscarryforwardistobe
recognizedintheperiodoflossas
acurrentreceivable.
PointsReceived:
2of2
Comments:
6.
Question:
Permanentdifferencesbetweenpretaxfinancialincomeandtaxableincomeresultwhen
StudentAnswer:
acompanyengagesinfraudulent
activity
theSECimposesapenaltyona
company
theIRSimposesinterestonalate
payment
theFTCchangeshowan
advertisementcanbeshownon
TVeventhoughthecompanyhas
paidforthead
PointsReceived:
2of2
Comments:
7.
Question:
TheClearLakeCorporationreportedthefollowingdifferencesbetweenitstaxableincomeand
pretaxfinancialincomefortheyearendedDecember31,2010:$30,000ofadditionaldepreciation
fortaxpurposes,$40,000ofrentcollectedinadvance(taxablewhenreceived),and$38,000of
taxexemptmunicipalinterestrevenue.Assuminganincometaxrateof30%forallyearsanda
taxableincomeof$190,000fortheyearendedDecember31,2010,incometaxexpensefor2010
wouldbe
StudentAnswer:
$54,000
$65,400
$71,400
$78,400
PointsReceived:
2of2
Comments:
8.
Question:
Whichoneofthefollowingtransactionswouldresultinthecreationofanoncurrentdeferredtax
liability?
StudentAnswer:
interestreceivedonmunicipal
bonds
acontingentliabilityexpensedin
thecurrentperiodthatisexpected
torequireacashpaymentinthree
years
royaltiesreceivedinadvancethat
aretaxablewhenreceived,but
thatwillbeearnedwithinthenext
threemonths
usinganaccelerateddepreciation
methodforincometaxpurposes
andthestraightlinemethodfor
financialreportingpurposes
PointsReceived:
2of2
Comments:
9.
Question:
Temporarydifferencesarisewhenrevenues
orgainsareincludedinpretaxfinancial
income
Prior to the Time
After the Time
They Are Included They Are Included
in
in Taxable Income
Taxable Income
StudentAnswer:
YesYes
YesNo
NoYes
NoNo
PointsReceived:
2of2
Comments:
10.
Question:
BoerneCompanyreceivedrentinadvanceof$9,000onDecember31,2010,whichwastaxable
whenreceivedforincometaxpurposes.Thecompany'seffectivetaxratewas30%,andthiswas
theonlytemporarydifference.WhichofthefollowingshouldbereportedontheDecember31,2010
balancesheet?
StudentAnswer:
$9,000asacurrentdeferredtax
liability
$2,700asacurrentdeferredtax
liability
$2,700asacurrentdeferredtax
asset
$9,000asacurrentdeferredtax
asset
PointsReceived:
2of2
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