ACCO 320 solution manual CHAPTER 18 INCOME TAXES Tenth Canadian Kieso, Weygandt, Warfield, Young, Wiecek, McConomy Edition
CHAPTER 18 INCOME
... [Show More] TAXES
ASSIGNMENT CLASSIFICATION TABLE
Brief Writing
Topics Exercises Exercises Problems Assignments
1. Income taxes from a business perspective. 1 4
2. Difference between
2, 3, 4, 5
1, 2, 3, 4, 5,
1, 2, 3, 5,
1, 2, 3
accounting income 6, 7, 8, 9, 10, 6, 7, 8, 9,
and taxable 11, 12, 13, 10, 11,
income, calculate 14, 15, 16, 13, 14, 15
taxable income. 17, 18, 19
3. Taxable temporary 4, 6, 7 4, 5, 6, 7, 8, 1, 2, 3, 5,
differences, 9, 10, 11, 12 6, 7, 8, 9,
calculation of 13, 14, 15
deferred/future income tax
liabilities.
4. Deductible 8, 9 4, 5, 6, 7, 8, 1, 2, 3, 5,
temporary 13, 14, 15, 6, 7, 8, 9,
differences, 16, 17 13, 14, 15
calculation of
deferred/future
income tax assets.
5. Deferred/future 3, 4, 5, 6, 7, 5, 6, 7, 8, 9, 1, 3, 4, 5,
income tax 9, 10, 11 10, 11, 12, 6, 7, 8, 9,
balances. 13, 14, 15, 10, 11,
16, 17, 18 13, 14, 15
6. Multiple tax rates, 12 12, 16, 17, 2, 3, 4, 14 5, 6
tax rate changes. 19, 20
7. Loss carrybacks. 13, 14, 15, 21, 22, 23, 24 12
16, 17
ASSIGNMENT CLASSIFICATION TABLE (CONTINUED)
Brief
Writing Assignments
Topics Exercises Exercises Problems
8. Loss carryforwards. 14, 15, 16,
17
9. Valuation of deferred/future tax asset.
22, 23, 24 12, 15
24, 25, 26
10. Presentation and disclosure of income taxes.
18, 19, 20,
21
24, 27, 28,
29, 30, 31
1, 2, 3, 4, 1
5, 6, 7, 8,
9, 10, 11,
12, 13,
14, 15
11. Differences 21, 22 18, 29, 30, 31 1, 2, 3, 5, 1, 2,3, 6, 7
between IFRS and ASPE. 6, 7, 8, 9,
10, 11,
14
Please note: The simplifying assumption is made that all companies in the end-of-chapter brief exercises, exercises and problems use the term ―deferred‖ rather than ―future‖ for the tax-related accounts, even when applying ASPE.
ASSIGNMENT CHARACTERISTICS TABLE
Level of Time
Item Description Difficulty (minutes)
E18-1 Terminology, relationships, calculations, entries. E18-2 One temporary difference through three years, one rate.
E18-3 Intraperiod tax allocation. Moderate 15-20
E18-4 Identify temporary or permanent differences and direction of adjustment.
Simple 10-15
Simple 10-15
Simple 10-15
Moderate 20-25
E18-5 Two temporary differences, future taxable amounts, one Moderate 20-25
rate, no beginning deferred taxes.
E18-6 Two temporary differences, future taxable amounts, one rate, beginning deferred taxes.
E18-7 Two temporary differences, future taxable amounts, change in rate.
E18-8 Reversing and permanent, future taxable amounts, no beginning balances.
E18-9 One temporary difference, future taxable amounts, one rate, no beginning deferred taxes, prepare statements
E18-10One temporary difference, future taxable amounts, one rate, no beginning deferred taxes.
E18-11One temporary difference, future taxable amounts, one rate, beginning deferred taxes.
E18-12One temporary difference, future taxable amounts, change in rate.
E18-13Permanent and reversing differences, calculate taxable income, entry for income taxes.
E18-14One temporary difference, future deductible amounts, one rate, beginning deferred taxes.
E18-15One temporary difference, future deductible amounts, one rate, beginning deferred taxes.
E18-16One temporary difference, future taxable amount becomes future deductible amount, change in rate.
E18-17One temporary difference, future deductible amounts, change in rate
Moderate 20-25
Simple 20-25
Simple 20-25
Simple 15-20
Simple 15-20
Simple 15-20
Simple 15-20
Simple 15-20
Simple 15-20
Moderate 20-25
Moderate 20-25
ASSIGNMENT CHARACTERISTICS TABLE (CONTINUED)
Level of
Time
Item Description Difficulty (minutes)
E18-18Depreciation, temporary difference over five years, determine taxable income, taxes payable method.
Moderate 40-45
E18-19Deferred tax liability, change in tax rate. Complex 15-20
E18-20One difference, multiple rates, beginning deferred taxes, change in rates.
Simple 20-25
E18-21Loss carryback and carryforward.. Moderate 20-25
E18-22Carryback and carryforward of tax losses. Simple 15-20 E18-23Loss carryback and carryforward. Complex 30-35
E18-24Loss carryback and carryforward using valuation allowance.
E18-25Deferred tax asset, different amounts to be realized. E18-26Deferred tax asset, different amounts to be realized using valuation allowance.
Moderate 30-35
Moderate 20-25
Moderate 20-25
E18-27Three differences, classify deferred taxes. Simple 10-15 E18-28Intraperiod tax allocation. Moderate 25-30
E18-29Taxes payable method-taxes payable reporting disclosures.
E18-30Taxes payable method. Simple 10-15
E18-31Taxes payable method. Moderate 15-20
Simple 10-15
P18-1 Three temporary differences and two permanent differences, opening balance, statement disclosure.
P18-2 Six differences, three years, two tax rates, income and statement of financial position reporting.
P18-3 Four differences, one rate, reconciliation of balances and comparative statement disclosure, reconcile tax rate.
P18-4 One temporary difference, tracked for four years, one permanent difference, change in rate.
P18-5 Second year of depreciation difference, two differences, single rate, earnings per share.
P18-6 Several differences, two years, reversing differences, one rate, discontinued operations and financial statements. P18-7 Two differences, two years, reversing differences, two assumptions, several rates and financial statements.
P18-8 Three differences, several rates, two years and statement disclosure.
P18-9 Two differences, two rates, future income expected. P18-10Two differences, two years, calculate taxable income and pre-tax accounting income.
P18-11Five differences, one year, income and retained earnings reporting, and effective tax rate.
P18-12Losses carryback and carryforward expected to be realized and not expected to be realized.
P18-13Prior period error correction, recovery of prior year taxes, income statement and retained earnings statements disclosure.
P18-14One timing difference, change in tax rate, calculation of effective tax rate, all entries and balance sheet presentation under ASPE and IFRS
Moderate 30-35
Complex 45-50
Complex 50-60
Complex 50-60
Moderate 40-45
Complex 50-60
Complex 40-45
Complex 50-60
Moderate 25-30
Complex 40-50
Complex 50-60
Moderate 35-40
Moderate 35-40
Moderate 50-60
P18-15Loss carryback with timing and permanent differences and a tax rate change. The tax benefit for only half of the loss carryforward can be recognized. Journal entries and tax reconciliation note is required. [Show Less]