If a corporation sells some of its treasury stock at a price that exceeds its cost, this excess should be:
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1 .Venus Corp.'s worksheet for calculating current and deferred income taxes for Year 1 follows:Year 1Year 2Year 3Pretax incomeUSD1,400Temporary differences:Depreciation(800)USD(1,200)USD2,000Warranty costs400(100)(300)Taxable income1,000(1,300)1,700Loss carryback(1,000)1,0000Loss carryforward0300(300)USD0USD0USD1,400Enacted rate30%30%25%Venus had no prior deferred tax balances. In its Year 1 income statement, what amount should Venus report as:Deferred income tax expense?
A USD350 B USD95 C USD120 D USD300
2 .Justification for the method of determining periodic deferred tax expense is based on the concept of:
A Objectivity in the calculation of periodic expense. B Recognition of assets and liabilities. C Consistency of tax expense measurements with actual tax planning strategies. D Matching of periodic expense to periodic revenue.
3 .Miro Co. began business on January 2, Year 1. Miro used the double-declining balance method of depreciation for financial statement purposes for its building, and the straight-line method for income taxes. This was the only difference between tax and financial statement accounting. On January 16, Year 3, Miro elected to switch to the straight-line method for both financial statement and tax purposes. The building, which cost USD240,000 in Year 1, had a useful life of 15 years and no salvage value. Data related to the building is as follows:YearDouble-decliningbalance depreciationStraight-linedepreciationYear 1USD30,000USD16,000Year 2USD20,000USD16,000Miro's tax rate is 40%.Which of the following statements is correct?
A Miro's deferred tax asset should be increased by USD7,200 in Year 3. B There should be no increase in Miro's deferred tax asset. C Miro's deferred tax asset should be reduced by USD7,200 in Year 3. D There should be no reduction in Miro's deferred tax liability.
4 .Nest Co. issued 100,000 shares of commonstock. Of these, 5,000 were held as treasury stock at December 31, Year 1.During Year 2, transactions involving Nest's common stock were as follows: May 3 1,000 shares of treasury stock were sold. August 6 10,000 shares of previously unissued stock were sold. November 18 A 2-for-1 stock split took effect. Laws in Nest's state of incorporation protect treasury stock from dilution. At December 31, Year 2, how many shares of Nest's common stock were issued and outstanding?
A Shares Issued 220,000； Outstanding 212,000 B Shares Issued 222,000； Outstanding 218,000 C Shares Issued 220,000； Outstanding 216,000 D Shares Issued 222,000； Outstanding 214,000
5 .A company issued rights to its existing shareholders without consideration. The rights allowed the recipients to purchase unissued common stock for an amount in excess of par value. When the rights are issued, which of the following accounts will be increased?
A Common stock- No； Additional paid-in capital- No B Common stock- Yes； Additional paid-in capital- Yes C Common stock- Yes； Additional paid-in capital- No D Common stock- No； Additional paid-in capital- Yes
7 .In Year 1, Fogg, Inc. issued USD10 par value common stock for USD25 per share. No other common stock transactions occurred until March 31, Year 3, when Fogg acquired some of the issued shares for USD20 per share and retired them. Which of the following statements correctly states an effect of this acquisition and retirement?
A Retained earnings is increased. B Additional paid-in capital is decreased. C Year 3 net income is decreased. D Year 3 net income is increased.
8 .The stockholders of Meadow Corp. approved a stock-option plan that grants the company's top three executives options to purchase a maximum of 1,000 shares each of Meadow's USD2 par common stock for USD19 per share. The options were granted on January 1 when the fair value of the stock was USD20 per share. Meadow determined that the fair value of the compensation is USD300,000 and the vesting period is three years. What amount of compensation expense from the options should Meadow record in the year the options were granted?
A USD300,000 B USD60,000 C USD20,000 D USD100,000
9 .Earnings per share disclosure is required for which of the following:
A Non-public companies. B Companies who have made a filing with the SEC in preparation for a sale of public securities. C Investment companies. D Wholly-owned subsidiaries of public companies.
10 .Ute Co. had the following capital structureduring Year 1 and Year 2: Preferred stock, USD10 par, 4% cumulative, 25,000 shares issued and outstanding USD250,000 Common stock, USD5 par, 200,000 shares issued and outstanding 1,000,000 Ute reported net income of USD500,000 for the year ended December 31, Year 2. Ute paid no preferred dividends during Year 1 and paid USD16,000 in preferred dividends during Year 2. In its December 31, Year 2, income statement, what amount should Ute report as basic earnings per share?
A USD2.50 B USD2.45 C USD2.48 D USD2.42
