Intermediate accounting solution of c16Word文件下载.docx
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Intermediate accounting solution of c16Word文件下载.docx
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Pretaxaccountingincome45
Temporarydifference:
Depreciation($30–20)–($28–13)=(5)15($28–13)
Taxableincome(taxreturn)40
Enactedtaxrate40%40%
Taxpayablecurrently16
Deferredtaxliability6
Deferredtaxliability:
Endingbalance(balancecurrentlyneeded)$6
Less:
beginningbalance($30–20)x40%(4)
Changeneededtoachievedesiredbalance$2
Journalentryattheendof2011
Incometaxexpense(tobalance)18
Deferredtaxliability(determinedabove)2
Incometaxpayable(determinedabove)16
($inmillions)
Pretaxincome$45
Incometaxexpense(18)
Netincome$27
Exercise16-3
($inmillions)
December31
2011201220132014
Depreciableasset(net):
Accountingbasis$80(20)$60(20)$40(20)$20(20)$0
Taxbasis80(25)55(33)22(15)7(7)0
Temporarydifference5$513$18(5)$13(13)$0
Taxrate40%40%40%40%
Deferredtaxliability$2$7.2$5.2$0
originatingreversing
differencesdifferences
Exercise16-4
Incometaxexpense(tobalance)830,000
Deferredtaxasset($300,000x40%)120,000
Incometaxpayable(given)950,000
Exercise16-5
Incometaxexpense(tobalance)30,035,000
Deferredtaxasset([$1millionx40%]-$435,000)35,000
Incometaxpayable($75millionx40%)30,000,000
Exercise16-6
D1.Accrualoflosscontingency;
tax-deductiblewhenpaid.
D2.Newspapersubscriptions:
taxablewhenreceived;
recognizedforfinancialreportingwhenearned.
T3.Prepaidrent;
D4.Accruedbondinterestexpense;
T5.Prepaidinsurance;
D6.Unrealizedlossfromrecordinginvestmentsavailableforsaleatfairvalue(tax-deductiblewheninvestmentsaresold).
D7.Baddebtexpense:
allowancemethodforfinancialreporting;
directwrite-offfortaxpurposes.
D8.Advancerentreceiptsonanoperatinglease(asthelessor);
taxablewhenreceived.
T9.Straight-linedepreciationforfinancialreporting;
accelerateddepreciationfortaxpurposes.
D10.Accruedexpenseforemployeepostretirementbenefits;
tax-deductiblewhensubsequentpaymentsaremade.
Exercise16-7
1.Liability–losscontingency
2.Liability–subscriptions
3.Prepaidrent
4.Accruedbondinterestpayable
5.Prepaidinsurance
6.Unrealizedlossoninvestments(shareholders’equityaccount)
7.Allowanceforuncollectibleaccounts;
andthusaccountsreceivable(net)
8.Liability–unearnedrentrevenue
9.Accumulateddepreciation;
andthusdepreciableassets(net)
10.Liability–postretirementbenefits
Exercise16-8
($inthousands)Situation
1234
a.Taxableincome$85$215$195$260
Incometaxpayable$34$86$78$104
b.Futuredeductibleamounts$(15)$(20)$(20)
Deferredtaxasset-bal.$(6)0$(8)$(8)
Beginningoftheyear:
2094
c.Deferredtaxasset:
(dr)cr$(4)0$1$(4)
d.Futuretaxableamounts$15$15$30
Deferredtaxliability-bal.$0$6$6$12
0220
e.Deferredtaxliability:
(dr)cr$0$4$4$12
f.Incometaxpayablecurrently$34$86$78$104
Deferredtaxasset:
(dr)cr(4)01(4)
(dr)cr04412
Incometaxexpense$30$90$83$112
Exercise16-9
($millions)12345678
Pretaxaccountingincome$100$100$100$100$100$100$100$100
Temporarydifferences:
Incomestatementfirst:
Revenue(20)(15)(15)(15)
Expense2020202020
Taxreturnfirst:
Revenue20155
Expense(20)(10)(10)
Taxableincome$120$80$120$80$105$135$95$100
Exercise16-10
CurrentFuture
YearDeductible
2011Amounts
(70)
Taxableincome180
Enactedtaxrate40%40%
Taxpayablecurrently72
Deferredtaxasset(28)
Endingbalance(balancecurrentlyneeded)$28
beginningbalance($75x40%)(30)
Changeneededtoachievedesiredbalance$
(2)
Incometaxexpense(tobalance)74
Deferredtaxasset(determinedabove)2
Incometaxpayable(determinedabove)72
($inmillions)
Incometaxexpense14
Valuationallowance–deferredtaxasset(1/2x$28)14
Ofcourse,thesetwoentriescanbecombined.
Exercise16-11
Journalentriesattheendof2011
Valuationallowance–deferredtaxasset10
Incometaxexpense10
Exercise16-11(concluded)
Incometaxexpense4
Valuationallowance–deferredtaxasset([1/2x$28]–$10)4
Exercise16-12
Requirement1
ThespecificcitationthatspecifieshowafirmshoulddeterminewhetheravaluationallowancefordeferredtaxassetsisneededisFASBASC740–10–30–17:
“IncomeTaxes–Overall–InitialMeasurementEstablishmentofaValuationAllowanceforDeferredTaxAssets–EstablishmentofaValuationAllowanceforDeferredTaxAssets.”
Requirement2
Specifically,theguidelinesare:
740–10–30-17Allavailableevidence,bothpositiveandnegative,isconsideredtodeterminewhether,basedontheweightofthatevidence,avaluationallowancefordeferredtaxassetsisneeded.Informationaboutanentity'
scurrentfinancialpositionanditsresultsofoperationsforthecurrentandprecedingyearsordinarilyisreadilyavailable.Thathistoricalinformationissupplementedbyallcurrentlyavailableinformationaboutfutureyears.Sometimes,however,historicalinformationmaynotbeavailable(forexample,start-upoperations)oritmaynotbeasrelevant(forexample,iftherehasbeenasignificant,recentchangeincircumstances)andspecialattentionisrequired.
Exercise16-13
($inthousands)
CurrentFuture
YearTaxable
2011Amounts
Pretaxaccountingincome300
Permanentdifference:
Municipalbondinterest(40)
Depreciation(10)10
Taxableincome(incometaxreturn)250
Enactedtaxrate40%40%
Taxpayablecurrently100
Deferredtaxliability4
Endingbalance(balancecurrentlyneeded)$4
beginningbalance0
Changeneededtoachievedesiredbalance$4
Incometaxexpense(tobalance)104
Deferredtaxliability(determinedabove)4
Incometaxpayable(determinedabove)100
($inthousands)
Pretaxincome$300
Incometaxexpense(104)
Netincome$196
Exercise16-14
($inthousands)
CurrentFutureFuture
YearTaxableDeductible
2011AmountsAmounts
Pretaxaccountingincome977
Municipalbondinterest(32)
Temporarydifferences:
Depreciation(55)85
Warrantyexpense10(10)
Taxableincome(incometaxreturn)900
Enactedtaxrate40%40%40%
Taxpayablecurrently360
Deferredtaxliability34
Deferredtaxasset(4)
DeferredtaxDeferredtax
liabilityasset
Endingbalances(balancescurrentlyneeded):
$34$4
beginningbalances:
(12)(0)
Changeneededtoachievedesiredbalances$22$4
Incometaxexpense(tobalance)378
Deferredtaxasset(determinedabove)4
Deferredtaxliability(determinedabove)22
Incometaxpayable(determinedabove)360
Pretaxincome$977
Incometaxexpense(378)
Netincome$599
Exercise16-15
($inmillions)
CurrentFuture
YearDeductible
20
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