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Ch 19 Solutions

# Intermediate Accounting

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CHAPTER 19 Accounting for Income Taxes ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercise s Exercises Problems Concepts for Analysis 1. Reconcile pretax financial income with taxable income. 1, 13 1 1, 2, 4, 7, 12, 18, 20, 21 1, 2, 3, 8 2. Identify temporary and permanent differences. 2, 3, 4, 5 4, 5, 6, 7 3, 4, 5 3. Determine deferred income taxes and related items— single tax rate. 6, 7, 13 2, 3, 4, 5, 6, 7, 9 1, 3, 4, 5, 7, 8, 12, 14, 15, 19, 21, 23, 25 3, 4, 8, 9 2 4. Classification of deferred taxes. 10, 11, 12, 15 7, 11, 16, 18, 19, 20, 21, 22 3, 6 2, 3, 5 5. Determine deferred income taxes and related items— multiple tax rates, expected future income. 10 2, 13, 16, 17, 18, 20, 22 1, 2, 6, 7 1, 6, 7 6. Determine deferred taxes, multiple rates, expected future losses. 10 7. Carryback and carryforward of NOL. 16, 17, 18, 12, 13, 14 9, 10, 23, 24, 25 5 8. Change in enacted future tax rate. 14 11 16 2, 7 9. Tracking temporary differences through reversal. 9 8, 17 2, 7 10. Income statement presentation. 9 8 1, 2, 3, 4, 5, 7, 10, 12, 16, 19, 23, 24, 25 1, 2, 3, 5, 7, 8, 9 11. Conceptual issues— tax allocation. 1, 2, 8 1, 2, 7 12. Valuation allowance— deferred tax asset. 8 7 7, 14, 15, 23, 24, 25 13. Disclosure and other issues. 15 19-1

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ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Brief Exercises Exercises Problems 1. Identify differences between pretax financial income and taxable income. 1, 2, 5 2. Describe a temporary difference that results in future taxable amounts. 1, 2, 4, 9, 10 1, 2, 3, 4, 5, 7, 8, 11, 12, 13, 16, 17, 18, 19, 20, 21, 22 1, 3, 4, 6, 7, 8, 9 3. Describe a temporary difference that results in future deductible amounts. 5, 6, 9 4, 5, 7, 8, 11, 12, 14, 15, 17, 18, 19, 20, 21, 22 1, 2, 4, 6, 8, 9 4. Explain the purpose of a deferred tax asset valuation allowance. 8, 14 7, 14, 15, 23, 24, 25 5. Describe the presentation of income tax expense in the income statement. 4, 6, 7 1, 3, 4, 5, 8, 12, 15, 16 1, 2, 3, 4, 5, 7, 8, 9 6. Describe the various temporary and permanent differences. 4, 6, 7 2, 3, 9 7. Explain the effect of various tax rates and tax rate changes on deferred income taxes. 11 13, 16, 17, 18, 21, 23, 24, 25 5, 7 8. Apply accounting procedures for a loss carryback and a loss carryforward. 12, 13, 14 9, 10, 23, 24, 25 5 9. Describe the presentation of deferred income taxes in financial statements. 3, 15 8, 11, 16, 19, 20, 21, 22 3, 5, 6, 8, 9 10. Indicate the basic principles of the asset- liability method.
ASSIGNMENT CHARACTERISTICS TABLE Item Description Level of Difficulty Time (minutes) E19-1 One temporary difference, future taxable amounts, one rate, no beginning deferred taxes. Simple 15–20 E19-2 Two differences, no beginning deferred taxes, tracked through 2 years. Simple 15–20 E19-3 One temporary difference, future taxable amounts, one rate, beginning deferred taxes. Simple 15–20 E19-4 Three differences, compute taxable income, entry for taxes. Simple 15–20 E19-5 Two temporary differences, one rate, beginning deferred taxes. Simple 15–20 E19-6 Identify temporary or permanent differences. Simple 10–15 E19-7 Terminology, relationships, computations, entries. Simple 10–15 E19-8 Two temporary differences, one rate, 3 years. Simple 10–15 E19-9 Carryback and carryforward of NOL, no valuation account, no temporary differences.

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Ch 19 Solutions - CHAPTER 19 Accounting for Income Taxes...

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