Chapter 19 Content Learning Worksheet - Answer the question and provide the page number of your solution. 1. ______________What is Taxable Income used to compute for a company's financial records? 2. ______________What is Pretax Financial Income used to compute for a company's financial records? 3. _____________What two accounts make up Income Tax Expense? 4. __________ Current tax expense = _______________________ 5. ___________Define Temporary Differences: 6. ___________Temporary differences result is two types of deferred taxes, name them, define them and discuss the situation that occurs for each in regards to financial income and taxable income. a. ________________ ______________________________________________________________ ______________________________________________________________ b. ________________ ______________________________________________________________ ______________________________________________________________ 7. __________ Deferred tax expense = __________________________________ 8. _________Name a financial situation that would result in a Permanent Difference. 9. _________Define a Net Operating Loss (NOL):

10. _________(Appendix 19B) Net Operating Losses can be carried back ________ years and would result in the following entry being journalized: 11. _________Net Operating Losses can be carried forward up to an____________ amount of years and would result in the following entry being journalized: 12. _________Explain the situation when a Valuation Allowance may be used: 13. _________How are Deferred Tax assets and Deferred Tax liabilities presented on the Balance Sheet?

1. __________Name two types of pension plans discuss in the book. 2. _________Regarding a Defined Contribution Plan: a) What is the Pension Expense based on?_______________________________ b) Who holds the risk if a loss in the market occurs?__________________________ c) Is the plan funded based on a set amount or a variable amount?___________________ d) Are pay-outs to retirees guaranteed?___________________________ e) What makes up the liability at the end of the year?________________________________ 3. _________Regarding a Defined Benefit Plan: a) What is the Pension Expense based on?_______________________________ b) Who holds the risk if a loss in the market occurs?__________________________ c) Is the plan funded based on a set amount or a variable amount?___________________ d) Are pay-outs to retirees guaranteed?___________________________ e) What makes up the liability at the end of the year?________________________________ 4. _________Define a Vested benefit obligation: 5. _________Define an Accumulated benefit obligation: 6. ________Define a Projected benefit obligation: 7. ________What is used to calculate the Net Funded status (ie: To determine if the pension plan is over or under funded) 8. ________What are the five components of Pension Expense for a Defined Benefit Plan?

ANswer all the questions, please!!!