ACC 317 Week 3 Chapter 17 Homework
Find the paragraph(s) in ASC 740 that deal with the following items (you can access ASC 740 on the FASB website, www.fasb.org, and then click on "Standards"). You will need a password from your instructor.
QCass Corporation reported pretax book income of $10,000,000. During the current year, the reserve for bad debts increased by $100,000. In addition, tax depreciation exceeded book depreciation by $200,000. Cass Corporation sold a fixed asset and reported book gain of $50,000 and tax gain of $75,000. Finally, the company received $250,000 of tax-exempt life insurance proceeds from the death of one of its officers. Assuming a tax rate of 34 percent, compute the company’s current income tax expense or benefit.
Q
Which of the following evidence would be considered negative in determining whether Gratiot Corporation needs to record a valuation allowance for some or all of its deferred tax assets?
Q
Which of the following statements about uncertain tax positions (UTP) is correct?
Q
Which formula represents the calculation of a company’s effective tax rate?
Q
Find the paragraph(s) in ASC 740 that deal with the following items (you can access ASC 740 on the FASB website, www.fasb.org, and then click on "Standards"). You will need a password from your instructor.
QCass Corporation reported pretax book income of $10,000,000. During the current year, the reserve for bad debts increased by $100,000. In addition, tax depreciation exceeded book depreciation by $200,000. Cass Corporation sold a fixed asset and reported book gain of $50,000 and tax gain of $75,000. Finally, the company received $250,000 of tax-exempt life insurance proceeds from the death of one of its officers. Assuming a tax rate of 34 percent, compute the company’s current income tax expense or benefit.
Q
Which of the following evidence would be considered negative in determining whether Gratiot Corporation needs to record a valuation allowance for some or all of its deferred tax assets?
Q
Which of the following statements about uncertain tax positions (UTP) is correct?
Q
Which formula represents the calculation of a company’s effective tax rate?
Q
Find the paragraph(s) in ASC 740 that deal with the following items (you can access ASC 740 on the FASB website, www.fasb.org, and then click on "Standards"). You will need a password from your instructor.
QCass Corporation reported pretax book income of $10,000,000. During the current year, the reserve for bad debts increased by $100,000. In addition, tax depreciation exceeded book depreciation by $200,000. Cass Corporation sold a fixed asset and reported book gain of $50,000 and tax gain of $75,000. Finally, the company received $250,000 of tax-exempt life insurance proceeds from the death of one of its officers. Assuming a tax rate of 34 percent, compute the company’s current income tax expense or benefit.
Q
Which of the following evidence would be considered negative in determining whether Gratiot Corporation needs to record a valuation allowance for some or all of its deferred tax assets?
Q
Which of the following statements about uncertain tax positions (UTP) is correct?
Q
Which formula represents the calculation of a company’s effective tax rate?
Q
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