For the year ended December 31, Tyre Co. reported pretax financial statement income of $750,000. Its taxable income was $650,000. The difference is due to accelerated depreciation for income tax purposes. Tyre's effective income tax rate is 30%, and Tyre made estimated tax payments during the year of $90,000. What amount should Tyre report as current income tax expense on December 31?
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1 .A lender and a borrower signed a contract for a $1,000 loan for one year. The lender asked the borrower to pay 3% interest. Inflation occurred and prices rose by 2% over the next year. The borrower repaid $1,030. What is the amount worth in real terms, after inflation?
A $1,009.80 B $1,019.80 C $1,060.90 D $1,050.60
2 .On December 31, Year 1, an entity adopted the IFRS revaluation model for reporting its long-term assets and revalued a patent with a carrying value of USD 85,000 and a 10 year life to its fair value of USD 75,000. On December 31, Year 2, before recording any amortization, the entity determined that the patent had a fair value of USD 90,000. In its December 31, Year 2 financial statements, the entity will report a revaluation gain of.
A USD 5,000 on the income statement and USD 10,000 in other comprehensive income. B USD 10,000 on the income statement and USD 5,000 in other comprehensive income. C USD 15,000 on the income statement. D USD 15,000 in other comprehensive income.
3 .Product-quality-related costs are part of a total quality control program. A product-quality-related cost incurred in detecting individual products that do not conform to specifications is an example of an
A Internal failure cost. B Prevention cost. C Appraisal cost. D External failure cost.
4 .At December 31, Bren Co. had the following deferred income tax items:A deferred income tax liability of $15,000 related to a noncurrent asset.A deferred income tax asset of $3,000 related to a noncurrent liability.A deferred income tax asset of $8,000 related to a current liability.Which of the following should Bren report in the noncurrent section of its December 31 balance sheet under U.S. GAAP?
A A noncurrent liability of $12,000. B A noncurrent asset of $11,000 and a noncurrent liability of $15,000. C A noncurrent liability of $4,000. D A noncurrent asset of $3,000 and a noncurrent liability of $15,000.
5 .Solway International is owed ￡10,000 from its U.K. customer. The current exchange rate is $1.30 to the U.K. pound (￡1.00). Solway has purchased a put option to sell ￡10,000 in 60 days time for $1.25, and Solway has paid a premium of $0.005. If 60 days from now the exchange rate is $1.20, what will be the overall result for Solway International?
A Solway will exercise the option and it will benefit Solway by $450. B Solway will exercise the option and it will benefit Solway by $500. C Solway will exercise the option and it will benefit Solway by $550. D Solway will allow the option to expire unexercised.
7 .West Corp. leased a building and received the $36,000 annual rental payment on June 15 of the current year. The beginning of the lease was July 1. Rental income is taxable when received. West's tax rates are 30% for the current year and 40% thereafter. West had no other permanent or temporary differences. West determined that no valuation allowance was needed. What amount of deferred tax asset should West report in its balance sheet for the current year ended December 31?
A $14,400 B $7,200 C $5,400 D $10,800
8 .In preparing its cash flow statement for the year ended December 31, Reve Co. collected the following data: Gain on sale of equipment $ (6,000) Proceeds from sale of equipment 10,000 Purchase of S., Inc. bonds (par value $200,000) (180,000) Amortization of bond discount 2,000 Dividends declared (45,000) Dividends paid (38,000) Proceeds from sale of Treasury stock (carrying amount $65,000) 75,000 In its December 31, statement of cash flows, what amount should Reve report as net cash used in investing activities?
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A $3,000 B $17,000 C $20,000 D $23,000
10 .The following information pertains to certain monies held by Blair County at December 31, Year 1, that are legally limited to expenditures for specified purposes: Proceeds of short-term notes to be used for advances to private purpose trust funds $ 8,000 Proceeds of long-term debt to be used for a major capital project 90,000 What amount of these monies should Blair account for as restricted or committed in special revenue funds?
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