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[主观题]

When the Bao Company filed its corporate tax returns for the first quarter of the current year, it owed

a total of $6.7 million in corporate taxes. Bao paid $4.4 million of the tax bill, but still owes $2.3 million. It also received $478,000 in the second quarter as a down payment towards $942,000 in custom-built products to be delivered in the third quarter. Its financial accounts for the second for the second quarter most likely show the $2.3 million and the $478,000 as:

When the Bao Company filed its corporate tax retur

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更多“When the Bao Company filed its…”相关的问题

第1题

Bao Corporation faced a 50% marginal tax rate last year and showed the following financial and tax

reporting information:

·Deferred tax asset of $1,000.

·Deferred tax liability of $5,000.

Based only on this information and the news that the tax rate will decline to 40%, Bao Corporation’s:

A.deferred tax asset will be reduced by $400 and deferred tax liability will be reduced by $2,000.

B.deferred tax liability will be reduced by $1,000 and income tax expense will be reduced by $800.

C.deferred tax asset will be reduced by $200 and income tax expense will be reduced by $1,000.

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第2题

On January 2, a company acquires some state-of-the-art production equipment at a net cost of $14

million. For financial reporting purposes, the firm will depreciate the equipment over a 7-year life using straight-line depreciation and a zero salvage value; for tax reporting purposes, however, the firm will use 3-year accelerated depreciation. Given a tax rate of 35% and a first-year accelerated depreciation factor of 0.333, by how much will the company’s deferred tax liability increase in the first year of the equipment’s life?

A.$931,700.

B.$1,064,800.

C.$1,730,300.

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第3题

A company records the following two transactions:I.€300,000 of rental revenue is receiv

A company records the following two transactions:

I.€300,000 of rental revenue is received in advance on a two-year lease.It is taxed on a cash basis, but deferred for accounting purposes.

II.€500,000 of installment sales.No payments are required for one year after which collections will be made on an equal basis over 12 months and taxed on a cash basis.The entire sale and related profit will be recognized for financial reporting purposes, in the year of sale.

Which of the above transactions will most likely give rise to a deferred tax liability on the balance sheet?

A.I only.

B.II only.

C.Both I and II.

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第4题

A company incurred and capitalized €2 million of development costs during the year.Th

ese costs were fully deductible immediately for tax purposes, but the company is depreciating them over two years for financial reporting purposes.The company has a long history of profitability.When calculating the company’s debt-to-equity ratio, the most appropriate way for an analyst to incorporate the differential tax treatment is to:

A.include it in equity.

B.include it in liabilities.

C.not include it in either equity or liabilities.

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第5题

At the beginning of the year a company purchased a fixed asset for $500,000 with no e

xpected residual value.The company depreciates similar assets on a straight-line basis over 10 years while the tax authorities allow depreciation at the rate of 15% per year.In both cases the company takes a full year’s depreciation in the first year.At the end of the year, the tax base and temporary difference in the value of the asset, respectively, are closest to:

A.$425,000; $25,000.

B.$425,000; $75,000.

C.$500,000; $25,000.

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第6题

Under U.S.GAAP, which of the following factors is an analyst least likely to conside

Under U.S.GAAP, which of the following factors is an analyst least likely to consider when determining if a company’s deferred tax liabilities should be treated as a liabilities or equity?

A.The growth rate of the firm.

B.The average discount rate of liabilities.

C.the expectation that temporary difference will reverse.

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第7题

A financial analyst would classify deferred tax liabilities as equity (versus a liabi

lity) when:

A.the deferred tax liabilities are expected to decline over time.

B.the deferred tax liabilities are predominantly comprised of permanent differences.

C.a change in tax law may result in the deferred taxes never being paid by the company.

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第8题

Bao Inc.sold a luxury passenger boat from its inventory on December 31 for $2,000,000

.It is estimated that Bao will incur $100,000 in warranty expenses during its 5-year warranty period.Bao’s tax rate is 30%.To account for the tax implications of the warranty obligation prior to incurring warranty expenses, Bao should:

A.record a deferred tax asset of $30,000.

B.record a deferred tax asset of $30,000.

C.make no entry until actual warranty expenses are incurred.

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第9题

A firm needs to adjust the financial statements for a change in the tax rate.Taxable

income if $80,000 and pretax income is $100,000.The current tax rate is 50%, and the new tax rate is 40%.The difference in taxes payable between the two rates is closest to:

A.$8,000.

B.$9,000.

C.$10,000.

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第10题

A permanent difference in pretax and taxable income is least likely to result when:A.

A permanent difference in pretax and taxable income is least likely to result when:

A.tax-exempt interest is received.

B.the installment sales method is used.

C.premiums are paid on life insurance of key employees.

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