achivmt_tests_answ12

achivmt_tests_answ12 - 9th Edition Financial and Managerial...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
9th Edition Financial and Managerial Accounting Warren/Reeve Chapter Test 12A FILL-IN-THE-BLANK—PRINCIPLES AND TERMINOLOGY A
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
TEST 12A (Concluded) INSTRUCTIONS: Complete the following statements by writing the appropriate words or amounts in the Answers column. For Answers Scoring 0. Investment by one corporation in the controlling interest of another corporation is called a . ............................................................................... business combination 0. ____ 1. An item classified as a prior period adjustment should be reported in a . .. 1. ____ 2-4. Income before income tax reported on the income statement for the year is $750,000. Because of temporary differences in accounting and tax methods, the taxable income for the same year is $600,000. If the income tax rate is 40%, determine the amount of each of the following: 2. Income tax to be reported on the income statement . ................................ $ 2. ____
Background image of page 2
3. Actual income tax to be paid during the year . ........................................... $ 3. ____ 4. Deferred income tax liability at the end of the year if the balance was a credit of $6,000 at the beginning of the year . ............................................ $ 4. ____ 5-6. Identify the following as a prior period adjustment or an extraordinary item: 5. Material error computing patents expense at end of preceding fiscal year 5. ____ 6. Gain from condemnation of building . ......................................................... 6. ____ 7-11. Indicate whether balances in the following accounts would be reported on the balance sheet, retained earnings statement, or income statement: 7. Loss from Discontinued Operations . .......................................................... 7. ____ 8. Deferred Income Tax Payable . .................................................................. 8. ____
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
TEST 12A (Concluded) 9. Investment in XYZ Co. Common Stock . .................................................... 9. ____ 10. Restructuring charge . ................................................................................. 10. ____ 11. Marketable Securities . ............................................................................... 11. ____
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 12

achivmt_tests_answ12 - 9th Edition Financial and Managerial...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online