Which of the following items is not subject to the application of intraperiod income tax allocation?
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1 .Stone Co. began operations in Year 1 and reported USD225,000 in income before income taxes for the year. Stone's Year 1 tax depreciation exceeded its book depreciation by USD25,000. Stone also had nondeductible book expenses of USD10,000 related to permanent differences. Stone's tax rate for Year 1 was 40%, and the enacted rate for years after Year 1 is 35%. In its December 31, Year 1, balance sheet, what amount of deferred income tax liability should Stone report?
A USD10,000 B USD14,000 C USD8,750 D USD12,250
2 .Orleans Co., a cash basis taxpayer, prepares accrual basis financial statements. In its Year 2 balance sheet, Orleans' deferred income tax liabilities increased compared to Year 1. Which of the following changes would cause this increase in deferred income tax liabilities?I. An increase in prepaid insurance.II. An increase in rent receivable.III. An increase in warranty obligations.
A I only. B III only. C I and II. D II and III.
3 .Lake Corp., a newly organized company, reported pretax financial income of USD100,000 for the current year. Among the items reported in Lake's income statement are the following:Premium on officer's life insurance with Lake as owner and beneficiaryUSD15,000Interest received on municipal bonds20,000The enacted tax rate for the current year is 30% and 25% thereafter. In its December 31 balance sheet, Lake should report a deferred income tax liability of:
A USD4,500 B USD3,750 C USD28,500 D USD0
4 .For Year 1, Clark Corp. reported depreciation of USD300,000 in its income statement. On its Year 1 income tax return, Clark reported depreciation of USD500,000. Clark's income statement also included USD50,000 accrued warranty expense that will be deducted for tax purposes when paid. Clark's enacted tax rates are 30% for Year 1 and Year 2, and 25% for Year 3 and Year 4. The depreciation difference and warranty expense will reverse over the next three years as follows:DepreciationdifferenceWarrantyexpenseYear 2USD80,000USD10,000Year 370,00015,000Year 450,00025,000USD200,000USD50,000These were Clark's only temporary differences. In Clark's Year 1 income statement, the deferred portion of its provision for income taxes should be:
A USD67,000 B USD41,000 C USD45,000 D USD37,500
5 .Thorn Co. applies Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes. At the end of Year 1, the tax effects of temporary differences were as follows:Deferredtax assets(liabilities)Related assetclassificationAccelerated tax depreciationUSD(75,000)Noncurrent assetAdditional costs in inventory for tax purposes25,000Current assetUSD(50,000)A valuation allowance was not considered necessary. Thorn anticipates that USD10,000 of the deferred tax liability will reverse in Year 2. In Thorn's December 31, Year 1, balance sheet, what amount should Thorn report as noncurrent deferred tax liability under U.S. GAAP?
A USD40,000 B USD75,000 C USD65,000 D USD50,000
7 .On January 15, Year 1, Rico Co. declared its annual cash dividend on common stock for the year ended January 31, Year 1. The dividend was paid on February 9, Year 1, to stockholders of record as of January 28, Year 1. On what date should Rico decrease retained earnings by the amount of the dividend?
A February 9, Year 1 B January 31, Year 1 C January 15, Year 1 D January 28, Year 1
8 .The primary purpose of a quasi-reorganization is to give a corporation the opportunity to:
A Revalue understated assets to their fair values. B Obtain relief from its creditors. C Distribute the stock of a newly-created subsidiary to its stockholders in exchange for part of their stock in the corporation. D Eliminate a deficit in retained earnings.
9 .The following changes in Vel Corp.'s account balances occurred during the current year:IncreaseAssetsUSD89,000Liabilities27,000Capital stock60,000Additional paid-in capital6,000Except for a USD13,000 dividend payment and the year's earnings, there were no changes in retained earnings for the current year. What was Vel's current year net income?
A Operating activities USD100,000 addition to net income Investing activities USD500,000 cash inflow B Operating activities USD100,000 subtraction from net income Investing activities USD400,000 cash inflow C Operating activities USD100,000 addition to net income Investing activities USD400,000 cash...
10 .Quoit, Inc. issued preferred stock with detachable common stock warrants. The issue price exceeded the sum of the warrants' fair value and the preferred stock's par value. The preferred stock's fair value was not determinable. What amount should be assigned to the warrants outstanding?
A The proportion of the proceeds that the warrants' fair value bears to the preferred stock's par value. B The fair value of the warrants. C Excess of proceeds over the par value of the preferred stock. D Total proceeds.
