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Question7

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In its 2016 income statement, Tow Inc. reported proceeds from an officer's life insurance policy of $90,000 and depreciation of $250,000. Tow was the owner and beneficiary of the life insurance on its officer. Tow deducted depreciation of $370,000 in its 2016 income tax return when the tax rate was 40%. Data related to the reversal of the excess tax deduction for depreciation follow:

There are no other temporary differences. Taxable Income in 2016 is $67,500. Tow expects to report profits (rather than losses) for tax purposes for all future years. What is 2016 Income Tax Expense?

Select one:

a. $12,000

b. $39,000

c. $75,000

d. $66,000

e. $33,000

Question8

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At December 31, 20X4, Bren Co. had the following deferred income tax items:

Which of the following should Bren report as thenoncurrentitem(s) on its December 31, 20X4 balance sheet?

Select one:

a. $12,000 Net Liability

b. $4,000 Net Liability

c. $7,000 Net Liability

d. $7,000 Net Asset

e. $3,000 Net Asset

Question10

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Given the following for the XYZ Company:

Assume XYZ elects the carryback provision in 2017 and that future income isnot"more likely than not."

Reported 2017 Net Loss is:

Select one:

a. $16,400

b. $15,000

c. $16,000

d. $4,000

e. $20,000

331')": Question 7 Not yet answered Points out of 3.00 Flag question Question text In its 2018 income statement, Tow Inc. reported proceeds from an officer's life insurance policy of $90,000 and depreciation of $250,000. Tow was the owner and beneciary of the life insurance on its officer. Tow deducted depreciation of $370,000 in its 2018 income tax return when the tax rate was 40%. Data related to the reversal of the excess tax deduction for depreciation follow: MWW 201 7 510, 000 40% 2018 20, 000 40% 2019 40, 000 30% 2020 50, 000 30% There are no other temporary differences. Taxable Income in 2018 is $87,500. Tow expects to report profits (rather than losses) for tax purposes for all future years. What is 2018 Income Tax Expense? Select one: a. $12,000 b. $39,000 c. $75,000 d. $88,000 e. $33,000 Question 8 Not yet answered Points out of 3.00 Flag question Question text At December 31, 20X4, 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 current liability . A deferred income tax asset of $8,000 related to a noncurrent liability Which of the following should Bren report as the noncurrent item(s) on its December 31, 20X4 balance sheet? Select one: O a. $12,000 Net Liability O b. $4,000 Net Liability c. $7,000 Net Liability d. $7,000 Net Asset O e. $3,000 Net AssetQuestion 10 Not yet answered Points out of 3.00 Flag question Question text Given the following for the XYZ Company: Pre-Tax Year Net Income (Loss) Tax Rate 2015 $10,000 20% 2016 8,000 20% 2017 (20, 000) 20% 2018 12,000 20% Assume XYZ elects the carryback provision in 2017 and that future income is not "more likely than not." Reported 2017 Net Loss is: Select one: O a. $16,400 O b. $15,000 c. $16,000 O d. $4,000 e. $20,000