1.

Sweeney Co. began operations in 2024 and reported $220,000 in income before income taxes for the year. Sweeney's 2024 tax depreciation exceeded its book depreciation by $20,000. Sweeney also had nondeductible book expenses of $10,000 related to permanent differences. Sweeney's tax rate for 2024 was 40%, and the enacted rate for years after 2024 is 35%. In its 2024 income statement, what amount of should Sweeney report for Income Tax Expense?

Select one:

a.

$84,000

b.

$92,000

c.

$91,000

d.

$100,000

e.

$94,500

2. Which is NOT included in the five-step process of revenue recognition?

Select one:

a.

Allocate price to performance obligation

b.

Identify performance obligation

c.

Recognize revenue when performance obligation is probable

d.

Identify contract with customer

3.

In revenue recognition, an allocation is needed if more than one performance obligation exists. This allocation is usually based on a weighted average of

Select one:

a.

Market values

b.

Present values

c.

Book values

d.

Contract Values