Nocera, Inc. earns book net income before tax of $600,000 in 2010.
Nocera acquires a depreciable asset in 2010 and first year tax
depreciation exceeds book depreciation by $120,000. Nocera has no
other temporary or permanent differences. Assuming the U.S. tax rate
is 35%, what is Nocera's total income tax expense reported on its
financial statements for 2010?
Question 24
Which of the following items are not included in the income tax note
for a publicly traded company?
Question 25
Larson, Inc., hopes to report a total book tax expense of $160,000 in
the current year. This $160,000 expense consists of $240,000 in
current tax expense and an $80,000 tax benefit related to the expected
future use of an NOL by Larson. If the auditors determine that a
valuation allowance of $30,000 must be placed against Larson's
deferred tax assets, what is Larson's total book tax expense?
ACC 499 Final Exam Part 2 (Set 3)
===================================================
ACC 499 Midterm Exam (3 Sets)
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This Tutorial contains 3 Sets (All Question Listed Below)
ACC 499 Midterm Part 2 (Set 1)
Question 1
Accountants sometimes refer to the equity method as a(n)
Question 2