Final - Name Multiple Choice Questions For each of the...

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Name Multiple Choice Questions For each of the following multiple choice questions, hilight your answer in the manner presented below
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Intermediate Accounting II Chapter 19, 21,22 exam Name Date time You may use your book and the spread sheet answers 1 a. b. c. d. 2 a. b. c. d.
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3 a. b. c. d. 4 a. b. c. d. 5
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a. b. c. d. 6 a. b. c. d. 7 a. b. c. d.
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8 a. b. c. d. 9 a. b. c. d. 10
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a. b. c. d. 11 a. b. c. d. 12 a. b. c. d. 12 a. b.
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c. d. 13 a. b. c. d. 14 a. b. c. d. 15 a. b. c. d.
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16 a. b. c. d. 17 a. b. c. d.
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18 a. b. c. d. 19 a. b. c. d. 20 a. b. c. d. 21 a. b. c. d. 22 a. b. c. d. 22
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a. b. c. d. 23 a. b. c. d. 24 a. b. c. d. 25 a. b. c.
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d. 26 a. b. c. d. 27 a. b. c. d. 28 a. b. c.
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d. 29 a. b. c. d. 30 a. b. c. d. 31 a. b. c. d. 32 a. b. c. d.
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33 a. b. c. d. 34 a. b. c. d. 35 a. b.
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c. d.
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rs from the Unit assignment sheet in completing this exam Gain on an involuntary conversion (Munoz has elected to replace the property within the statutory period using total proceeds.) Depreciation deducted for tax purposes in excess of depreciation deducted for book purposes Federal estimated tax payments, 2011 Enacted federal tax rate, 2011 $100,000 $130,000 $225,000 $255,000 Income from exempt municipal bonds Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes Estimated federal income tax payments made Enacted corporate income tax rate $48,000 $66,000 $75,000 $198,000 Munoz Corp.'s books showed pretax financial income of $1,500,000 for the year ended December 31, 2011. In the computation of federal income taxes, the following data were considered: What amount should Munoz report as its current federal income tax liability on its December 31, 2011 balance sheet? Haag Corp.'s 2011 income statement showed pretax accounting income of $750,000. To compute the federal income tax liability, the following 2011 data are provided: What amount of current federal income tax liability should be included in Hagg's December 31, 2011 balance sheet?
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$43,200 $24,000 $21,600 $19,200 2010 2011 2012 2013 2014 Noncurrent Deferred Income Tax Liability Book income before income taxes Add temporary difference Construction contract revenue which will reverse in 2012 On January 1, 2011, Gore, Inc. purchased a machine for $720,000 which will be depreciated $72,000 per year for financial statement reporting purposes. For income tax reporting, Gore elected to expense $80,000 and to use straight-line depreciation which will allow a cost recovery deduction of $64,000 for 2011. Assume a present and future enacted income tax rate of 30%. What amount should be added to Gore's deferred income tax liability for this temporary difference at December 31, 2011? Foltz Corp.'s 2010 income statement had pretax financial income of $250,000 in its first
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Final - Name Multiple Choice Questions For each of the...

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