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- a. Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income.The excess of allowable deductions over gross income of the business in a taxable year is known as: net operating loss. ordinary loss. net deductible loss. NOLCO.7. Which of the following creates a temporary difference between financial income and taxable income? A. premiums paid for officer's life insurance (company is the beneficiary). B. accelerated cost recovery on plant and equipment. C. interest on municipal bonds D. fines and violation of law. 8. An example of deductible temporary difference occurs when A. the completed contract method in revenue recognition is used for tax purposes but percentage of completion method is used for financial purposes. B. warranty expenses are recognized on the accrual basis for financial reporting purposes but recognized as the warranty conditions are met for tax purposes. C. the installment sales method is used for tax purposes but accrual method for financial accounting.
- What is the formula for finding taxable income when you are given allowances Select one: O A. Taxable Income = Gross Pay + (Allowances x $63.46) %3D O B. Taxable income Gross Pay - (Allowances x $63.46) %3D O C. Taxable Income Gross Pay/(Allowances x $63.46) O D. Faxable Income Gross Pay - (Allowances/$63.46) %3DStatement 1: The value of property acquired by gift, bequest, devise, or descent, as well as the income from such property, shall be excluded from the gross taxable income of the recipient. Statement 2: Gains realized from the sale or exchange or retirement of bonds, debentures, or other certificates of indebtedness with a maturity of at least 5 years, shall not be taxable to the investor-seller. a. Statement 1 is trueb. Statement 2 is truec. Both Statements are falsed. Both statements are trueWhich of the following temporary differences results in a deferred taxasset in the year the temporary differences originates? I. Accrual forproduct warranty liability II. Subscriptions received in advance. III. Prepaidinsurance expense. A. I and II onlyB. II onlyC. III onlyD. I and III only
- 1. Which of the following is not taxable income? a.Interest b.Hobby income c.Child support payments d.Royalties e.Dividends 2. Generally, for an activity to be treated as a trade or business, which of the following is required: a.No more than intermittent effort toward the activity b.Regular and continual effort designed to seek profit c.Always generate a profit d.Organization as a corporation or partnership 3. To be deductible as the cost of special work clothing or uniforms: a.The clothing need not be required as a condition of the job, but must not be suitable for everyday use. b.The clothing must be required as a condition of the job, but can also be suitable for everyday use. c.The clothing must not be suitable for everyday use and must be required as a condition of the job. d.Only the cost of the clothing is included; upkeep is not deductible.S1: If a taxpayer dies within the taxable period, its accounting period shall cover the start of the calendar year until his/her demise . S2: Ordinary assets shall refer to properties held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business A. Both statements are correct. B. Both statements are incorrect. C. Only S1 is correct. D. Only S2 is correct.Which of the following causes a temporary difference between taxable and pretax accounting income? A. Investment expenses incurred to generate tax-exempt income. B. MACRS used for depreciating equipment. C. The dividends received deduction. D. Life insurance proceeds received due to the death of an executive.
- Under which set of circumstances would a customer be charged sales tax? Select one: a. Customer purchased a taxable product and the customer is a non-taxable entity. b. Customer purchased a non-taxable product and the customer is a taxable entity. c. Customer purchased a taxable product and the customer is a taxable entity. d. Choice a and b e. Choice b and cLabel the following as "True" or "False" regarding the definition of business income as it is used in limiting the § 179 expensing amount. a. The taxable income computation for purposes of the § 179 limit includes the deduction for MACRS. b. Taxable income of a trade or business is computed without regard to the amount expensed under § 179. c. The aggregate amount of taxable income includes net income from a trade or business as well as from the production of income activities. d. The taxable income computation for purposes of the § 179 limit excludes the deduction for additional first-year depreciation.An income not yet paid is not yet to be reported as income for the taxable year. Group of answer choices True False