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AC 430 FINAL EXAM A GRADE

August 3, 2016

 

AC 430 FINAL EXAM a GRADE- If it is the part of your course then probably you needs AC 430 FINAL EXAM a GRADE. You can buy this course from us.

AC 430 FINAL EXAM A+ GRADE

AC 430 FINAL EXAM A+ GRADE

22. Question: Which of the following statements regarding current and deferred income taxes is not correct?

The amount of income tax expense must be allocated to various components of comprehensive income.

The income tax obligation is determined by applying the historical tax rates to the taxable income for the year.

The valuation allowance account is subtracted from the deferred tax asset account on the balance sheet.

Rent received in advance that will be earned within the next 12 months results in the creation of a current deferred tax asset.

 

23. Question: All of the following involve a temporary difference for purposes of income tax allocation except

Interest on municipal bonds

Gross profit on installment sales for tax purposes

MACRS depreciation for tax purposes and straight-line for accounting purposes

Product warranty expenses

 

24. Question: Boerne Company received rent in advance of $9,000 on December 31, 2010, which was taxable when received for income tax purposes. The company’s effective tax rate was 30%, and this was the only temporary difference. Which of the following should be reported on the December 31, 2010 balance sheet?

$9,000 as a current deferred tax liability

$2,700 as a current deferred tax liability

$2,700 as a current deferred tax asset

$9,000 as a current deferred tax asset

And there are other questions as well, please visit the link for more info http://mindsblow.us/question-details/AC-430-FINAL-EXAM-A-GRADE/8

 

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