Student Notes, Taxes(16)

Ifrs always classify as non current notes to

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IFRS always classify as non-current. Notes to financial statements disclose amount to be realized within 12 months. Revaluation of Property, Plant and Equipment IFRS record deferred tax directly to equity US GAAP does not allow revaluation of PP&E
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Chapter 19-34 Gobble Goop Corp incorporated in 2008. In their current year (2011), the Gobble Goop Corp incorporated in 2008. In their current year (2011), the company has furnished you (a super star accountant) with the following company has furnished you (a super star accountant) with the following information regarding their financial and tax returns: information regarding their financial and tax returns: Sales with installments are reported at $50,000. For tax purposes, these Sales with installments are reported at $50,000. For tax purposes, these sales are listed at $42,000. sales are listed at $42,000. Bad debt expenses for the year are $4,500. During the year, $3,000 of Bad debt expenses for the year are $4,500. During the year, $3,000 of bad debts were written-off. Depreciation per financial statements amounted to $85,000 and $98,000 Depreciation per financial statements amounted to $85,000 and $98,000 for tax purposes. for tax purposes. A new air hockey table cost $6,000. A new air hockey table cost $6,000. The company paid $10,000 in speeding tickets. The company paid $10,000 in speeding tickets. The company collected $35,000 from a life insurance policy. The company collected $35,000 from a life insurance policy. Gobble Goop also has a $25,000 deferred tax asset and a $45,000 Gobble Goop also has a $25,000 deferred tax asset and a $45,000 deferred tax liability. Net income for the year is $125,000 (pre tax) and the deferred tax liability. Net income for the year is $125,000 (pre tax) and the tax rate is 30%. What would it be if the installment sales were a reversing tax rate is 30%. What would it be if the installment sales were a reversing difference? What if the tax rate changed from 30% to 40% at the What if the tax rate changed from 30% to 40% at the beginning of the year? What if the deferred tax asset was a NOL? beginning of the year? What if the deferred tax asset was a NOL?
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Chapter 19-35
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