Acct 557 Week 2 Quiz

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Question 1. 1. (TCO B) As a result of differences between depreciation for financial reporting purposes and tax purposes, the financial reporting basis of Noor Co.'s sole depreciable asset, acquired in Year 1, exceeded its tax basis by $250,000 at December 31, Year 1. This difference will reverse in future years. The enacted tax rate is 30% for Year 1, and 40% for future years. Noor has no other temporary differences. In its December 31, Year 1, balance sheet, how should Noor report the deferred tax effect of this difference? (Points : 8) | As an asset of $75,000. As an asset of $100,000. As a liability of $75,000.
-----> As a liability of $100,000. Answer

$250,000 x .40%= $100,000 tax liability | Question 2. 2. (TCO B) 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: Deferred tax assets Related asset (liabilities) classification
Accelerated tax depreciation ($75,000) Noncurrent asset
Additional costs in inventory for tax purposes 25,000 Current asset ($50,000) A valuation allowance was not considered necessary. Thorn anticipates that $10,000 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? (Points : 8) | $40,000 $50,000 $65,000
------->$75,000 Answer | Question 3. 3.…...

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