Reading 30 income taxes questions and answers
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Reading 30 income taxes questions and answers
Reading 30: Income TaxesQuestion #1 of 69Question ID: 434307Habel Inc. owns equipment with a tax base of $400,000 and a carrying value of $600,000. Ha Reading 30 income taxes questions and answers abel also has a tax loss carryforward of $200,000 that is expected to be utilized in the foreseeable future. Deferred tax items on the balance sheet are valued based on a tax rate of 30%. If the tax rate increases to 35%, the adjustments to the value of deferred tax items will most likely cause Habe Reading 30 income taxes questions and answers rs total liabilities-to-equity ratio to:A)remain unchanged.B)increase.C)decrease.Question #2 of 69Question ID: 414546Nespa. Inc., has a deferred tax lReading 30 income taxes questions and answers
iability on its balance sheet in the amount of S25 million A change in tax laws has increased future tax rates for Nespa. The impact of this increase Reading 30: Income TaxesQuestion #1 of 69Question ID: 434307Habel Inc. owns equipment with a tax base of $400,000 and a carrying value of $600,000. Ha Reading 30 income taxes questions and answers x expense.C)a decrease in deferred tax liability and an increase in tax expense.Question #3 of 69Question ID: 596409For analytical purposes, if a deferred lax liability is expected to not be reversed, it should be treated as a(n):A)immaterial amount and ignored.B)liability.C)an addition to equity.Qu Reading 30 income taxes questions and answers estion #4 of 69Question ID: 414559Graphics. Inc. has a deferred tax asset of $4,000,000 on its books As of December 31. it became more likely than notReading 30 income taxes questions and answers
that $2,000,000 of the asset's value may never be realized because of the uncertainty of future income. Graphics, Inc. should:A)reverse the asset accReading 30: Income TaxesQuestion #1 of 69Question ID: 434307Habel Inc. owns equipment with a tax base of $400,000 and a carrying value of $600,000. Ha Reading 30 income taxes questions and answers il it is certain that the tax benefits will not be realized.Question #5 of 69Question ID: 414575Which of the follov/ing situations will most likely require a company to record a valuation allowance on its balance sheet?A)A firm is unlikely to have future taxable income that would enable it to take a Reading 30 income taxes questions and answers dvantage of deferred tax assets.B)A firm has differences between taxable and pretax income that are never expected to reverse.C)To report depreciationReading 30 income taxes questions and answers
, a firm uses the double-dedining balance method for tax purposes and the straight-line method for financial reporting purposes.Question #6 of 69QuestReading 30: Income TaxesQuestion #1 of 69Question ID: 434307Habel Inc. owns equipment with a tax base of $400,000 and a carrying value of $600,000. Ha Reading 30 income taxes questions and answers enues are constant at $7,192. For financial reporting, the straight-line depreciation method is used, but for tax purposes depreciation IS 35% of original cost in years 1 and 2 and the remaining 30% in Year 3. For this question ignore all expenses other than depreciation.What is the deferred tax lia Reading 30 income taxes questions and answers bility as of the end of year three?A)1029B)780Reading 30: Income TaxesQuestion #1 of 69Question ID: 434307Habel Inc. owns equipment with a tax base of $400,000 and a carrying value of $600,000. HaReading 30: Income TaxesQuestion #1 of 69Question ID: 434307Habel Inc. owns equipment with a tax base of $400,000 and a carrying value of $600,000. HaGọi ngay
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