Question : 105.An excess of income taxes expense over income taxes payable : 1244197

105.An excess of income taxes expense over income taxes payable for a period is associated with a(n)

 

a.

debit to the Deferred Income Taxes account.

b.

error.

c.

excess of accounting income over taxable income.

d.

excess of taxable income over accounting income.

 

 

 

 

106.An excess of income taxes expense over income taxes payable will result in recording a

 

a.

credit to Deferred Income Taxes.

b.

credit to Prior Period Adjustment.

c.

debit to Income Taxes Payable.

d.

debit to Deferred Income Taxes.

 

 

 

107.Shank Corporation uses a different depreciation method for its income tax return than it does for its income statement. Consequently, the corporation has a credit balance in its Deferred Income Taxes account. This balance should be classified as a

 

a.

long-term liability.

b.

long-term asset.

c.

current asset.

d.

current liability.

 

 

 

108.Which of the following should be reported net of the related income tax effect on the income statement?

 

a.

Loss due to shoplifting

b.

Sale of an inventory item at a loss

c.

Sale of a temporary investment at a loss

d.

Loss due to a discontinued segment of a business

 

 

 

109.When there is a difference in the timing of revenues and expenses for accounting versus income tax purposes, it usually is necessary to

 

a.

adjust accounting income.

b.

perform income tax allocation procedures.

c.

do nothing because such differences are a result of two different sets of rules.

d.

adjust taxable income.

 

 

 

110.A debit balance in Deferred Income Taxes is classified as

 

a.

a liability.

b.

an expense.

c.

revenue.

d.

an asset.

 

 

 

111.Assume that a corporation in the 25 percent tax bracket purchases a piece of equipment for $66,000 with a ten-year useful life and no estimated salvage value. The corporation uses straight-line depreciation for book purposes and double-declining-balance depreciation for tax purposes. The first-year temporary difference, using income tax allocation procedures, would result in a

 

a.

debit to Deferred Income Taxes of $6,600.

b.

debit to Deferred Income Taxes of $1,650.

c.

credit to Deferred Income Taxes of $1,650.

d.

credit to Deferred Income Taxes of $6,600.

 

 

 

112.The existence of which of the following would be indicative of a company with a complex capital structure?

 

a.

Nonconvertible preferred stock

b.

Common stock

c.

Nonconvertible bonds

d.

Stock options

 

 

 

113.Which of the following would be included in the computation of earnings per share for a company with a simple capital structure?

 

a.

Stock options

b.

Number of shares of nonconvertible preferred stock

c.

Dividends declared on nonconvertible preferred stock

d.

Dividends declared on common stock

 

 

 

114.What effect will the purchase of treasury stock have on total stockholders’ equity and earnings per share, respectively?

 

a.

Decrease and no effect

b.

Decrease and decrease

c.

Decrease and increase

d.

Increase and decrease

 

 

 

 

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