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�建���档 - Sheet1 Page 1 Haag Corp's 2011 income statement showed pretax accounting income of $750,000 To compute

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Unformatted text preview: Sheet1 Page 1 Haag Corp.'s 2011 income statement showed pretax accounting income of $750,000. To compute the federal income tax liab Income from exempt municipal bonds $ 30,000 Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes 60,000 Estimated federal income tax payments made 150,000 Enacted corporate income tax rate 30% What amount of current federal income tax liability should be included in Hagg's December 31, 2011 balance sheet? 1. $48,000 2. $198,000 3. $75,000 4. $66,000 On January 1, 2011, Gore, Inc. purchased a machine for $720,000 which will be depreciated $72,000 per year for financial sta 1. $24,000 2. $43,200 3. $19,200 4. $21,600 3. (Points: 2.0) On January 1, 2011, Piper Corp. purchased 40% of the voting common stock of Betz, Inc. and appropriately accounts for its 1. $60,000. 2. $28,800. 3. $43,200. 4. $72,000. 4. (Points: 2.0) Foltz Corp.'s 2010 income statement had pretax financial income of $250,000 in its first year of operations. Foltz uses an acc Book Over (Under) Tax Tax Rates 2010 $(50,000) 35% 2011 (65,000) 30% 2012 (15,000) 30% Sheet1 Page 2 2013 60,000 30% 2014 70,000 30% There are no other temporary differences. In Foltz's December 31, 2010 balance sheet, the noncurrent deferred income tax liaThere are no other temporary differences....
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This note was uploaded on 11/27/2010 for the course ACC 100 taught by Professor Bartov during the Spring '10 term at NYU.

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�建���档 - Sheet1 Page 1 Haag Corp's 2011 income statement showed pretax accounting income of $750,000 To compute

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