Q79 income taxes payable

Q79 income taxes payable - Final Acct II True False,...

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Final Acct II True False, Question 2 Pretax financial income is the amount used to compute income tax payable. True False Multiple Choice, Question 28 A major distinction between temporary and permanent differences is temporary differences reverse themselves in subsequent accounting periods, whereas permanent differences do not reverse. permanent differences are not representative of acceptable accounting practice. temporary differences occur frequently, whereas permanent differences occur only once. once an item is determined to be a temporary difference, it maintains that status; however, a permanent difference can change in status with the passage of time. Multiple Choice, Question 34 Which of the following will  not  result in a temporary difference? Product warranty liabilities
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Advance rental receipts Installment sales All of these will result in a temporary difference. Multiple Choice, Question 47 Deferred taxes should be presented on the balance sheet in two amounts: one for the net debit amount and one for the net credit amount. as one net debit or credit amount. as reductions of the related asset or liability accounts. in two amounts: one for the net current amount and one for the net noncurrent amount. Multiple Choice, Question 69 Ferguson Company has the following cumulative taxable temporary differences: 12/31/11 12/31/10 $1,350,000 $960,000 The tax rate enacted for 2011 is 40%, while the tax rate enacted for future years is 30%. Taxable income for 2011 is $2,400,000 and there are no permanent differences. Ferguson's pretax financial  income for 2011 is
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$1,050,000. $2,790,000. $2,010,000. $3,750,000. Multiple Choice, Question 79 Rowen, Inc. had pre-tax accounting income of $900,000 and a tax rate of 40% in 2010, its first year of operations. During 2010 the company had the following transactions: Received rent from Jane, Co. for 2011 $32,000 Municipal bond income $40,000 Depreciation for tax purposes in excess of book depreciation $20,000 Installment sales revenue to be collected in 2011 $54,000 For 2010, what is the amount of income taxes payable for Rowen, Inc? $343,200 $327,200 $301,600 $386,400
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True False, Question 8 The interest component of pension expense in the current period is computed by multiplying the settlement rate by the beginning balance of the projected benefit obligation. True False True False, Question 13 The difference between the expected return and the actual return is referred to as the unexpected gain or loss. True
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Q79 income taxes payable - Final Acct II True False,...

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