ACC 302 ACC302 Wiley Plus Unit 3 Assignment Solution (Kaplan University)
ACC 302 Wiley Plus Unit 3 Assignment (Kaplan)
Exercise 19-1
Exercise 19-6
Exercise 19-9
Exercise 19-25
Which of the following is false regarding accounting for deferred taxes under IFRS?
Jerome Co. has the following deferred tax liabilities at December 31, 2014:
|
Amount |
Related to |
||
|
$100,000 |
Installment sales, expected to be collected in 2015 |
||
|
$350,000 |
Fixed asset, 10-year remaining useful life, 2014 tax depreciation exceeds book depreciation |
||
|
$90,000 |
Prepaid insurance related to 2015 |
||
What amount would Jerome Co. report as a noncurrent deferred tax liability under IFRS and under U.S. GAAP?
With regard to recognition of deferred tax assets, IFRS requires
Match the approach, IFRS or U.S. GAAP, with the location where tax effects are reported:
Alice, Inc. has the following deferred tax assets at December 31, 2014:
|
Amount |
Related to |
||
|
$180,000 |
Rent revenue collected in advance related to 2015 |
||
|
$75,000 |
Warranty liability, expected to be paid in 2015 |
||
|
$255,000 |
Accrued liability related to a lawsuit expected to settle in 2018 |
||
What amount would Alice, Inc. report as a current deferred tax asset under IFRS and under U.S. GAAP?
