CHAPTER 19 Accounting for Income Taxes ASSIGNMENT CLASSIFICATION TABLE BY TOPIC Topics 1 Reconcile pretax financial 1 13 income with taxable income 2 Identify temporary and permanent differences Questions Brief Exercises Concepts for Analysis Exercises Problems 1 2 3 4 5 12 18 20 21 1 2 3 4 8 3 4 5 4 5 6 7 2 3 4 3 4 5 3 Determine deferred income 6 7 13 taxes and related items single tax rate 1 2 3 4 5 6 7 9 3 4 8 9 2 4 Classification of deferred taxes 10 11 12 15 3 6 2 3 5 1 3 4 5 7 8 12 14 15 19 21 7 11 16 18 19 20 21 22 2 13 16 17 18 20 22 1 2 6 7 1 6 7 7 Carryback and carryforward 16 17 18 12 13 14 8 Change in enacted future 14 11 16 5 6 5 Determine deferred income taxes and related items multiple tax rates expected future income 6 Determine deferred taxes multiple rates expected future losses of NOL tax rate 9 Tracking temporary differences through reversal 10 Income statement presentation 9 allocation tax asset 12 Valuation allowance deferred 8 19 13 Disclosure and other issues 15 10 10 8 7 9 10 23 24 25 8 17 5 2 7 2 7 1 2 3 4 5 7 10 12 16 19 23 24 25 1 2 3 5 7 8 9 7 14 15 23 24 25 11 Conceptual issues tax 1 2 8 19 7 1 2 7 19 1 Copyright 2011 John Wiley Sons Inc Kieso Intermediate Accounting 14 e Solutions Manual For Instructor Use Only ASSIGNMENT CLASSIFICATION TABLE BY LEARNING OBJECTIVE Learning Objectives Exercises Problems 1 Identify differences between pretax financial income and taxable income 2 Describe a temporary difference that results in future taxable amounts 3 Describe a temporary difference that results in future deductible amounts Brief Exercises 1 2 5 1 2 4 9 10 5 6 9 7 14 4 6 8 1 2 3 4 5 7 8 11 12 13 16 17 18 19 20 21 22 1 3 4 6 7 8 9 4 5 7 8 11 12 14 15 17 18 19 20 21 22 1 2 4 6 8 9 4 Explain the purpose of a deferred tax asset valuation allowance 7 14 15 23 24 25 5 Describe the presentation of income tax expense in the income statement 1 3 4 5 8 12 15 16 1 2 3 4 5 7 8 9 6 Describe various temporary and permanent 4 6 7 2 3 9 differences 7 8 Explain the effect of various tax rates and tax rate changes on deferred income taxes 11 13 16 17 18 21 23 24 25 Apply accounting procedures for a loss carryback and a loss carryforward 12 13 14 9 10 23 24 25 5 7 5 9 Describe the presentation of deferred income taxes in financial statements 3 15 8 11 16 19 20 21 22 3 5 6 8 9 19 2 Copyright 2011 John Wiley Sons Inc Kieso Intermediate Accounting 14 e Solutions Manual For Instructor Use Only ASSIGNMENT CHARACTERISTICS TABLE Item E19 1 E19 2 E19 3 E19 4 E19 5 E19 6 E19 7 E19 8 E19 9 E19 10 E19 11 E19 12 E19 13 E19 14 E19 15 E19 16 E19 17 E19 18 E19 19 E19 20 E19 21 E19 22 E19 23 E19 24 E19 25 Description One temporary difference future taxable amounts one rate no beginning deferred taxes Two differences no beginning deferred taxes tracked through 2 years One temporary difference future taxable amounts one rate beginning deferred taxes Three differences compute taxable income entry for taxes Two temporary differences one rate beginning deferred taxes Identify temporary or permanent differences Terminology relationships computations entries Two temporary differences one rate 3 years Carryback and carryforward of NOL no valuation account no temporary differences Two NOLs no temporary differences no valuation account entries and income statement Three differences classify deferred taxes Two temporary differences one rate beginning deferred taxes compute pretax financial income One difference multiple rates effect of beginning balance versus no beginning deferred taxes Deferred tax asset with and without valuation account Deferred tax asset with previous valuation account Deferred tax liability change in tax rate prepare section of income statement Two temporary differences tracked through 3 years multiple rates Three differences multiple rates future taxable income Two differences one rate beginning deferred balance compute pretax financial income Two differences no beginning deferred taxes multiple rates Two temporary differences multiple rates future taxable income Two differences one rate first year NOL carryback and carryforward valuation account versus no valuation account NOL carryback and carryforward valuation account needed NOL carryback and carryforward valuation account needed Level of Difficulty Time minutes Simple 15 20 Simple 15 20 Simple 15 20 Simple Simple Simple Simple Simple Simple 15 20 15 20 10 15 10 15 10 15 15 20 Moderate 20 25 Simple Complex 10 15 20 25 Simple 20 25 Moderate Complex Complex 20 25 20 25 15 20 Moderate 30 35 Moderate Complex Moderate Moderate Simple Complex Complex Moderate 20 25 25 30 15 20 20 25 15 20 30 35 30 35 15 20 19 3 Copyright 2011 John Wiley Sons Inc Kieso Intermediate Accounting 14 e Solutions Manual For Instructor Use Only ASSIGNMENT CHARACTERISTICS TABLE Continued Description Three differences no beginning deferred taxes multiple rates One temporary difference tracked for 4 years one permanent difference change in rate Second year of depreciation difference two differences single rate extraordinary item Permanent and temporary differences one rate NOL without valuation account Two differences two rates future income expected One temporary difference tracked 3 years change in rates income statement presentation Two differences 2 years compute taxable income and pretax financial income Five differences compute taxable income and deferred taxes draft income statement Objectives and principles for accounting for income taxes Basic accounting for temporary differences Identify temporary differences and classification criteria Accounting and classification of deferred income taxes Item P19 1 P19 2 P19 3 P19 4 P19 5 P19 6 P19 7 P19 8 P19 9 CA19 1 CA19 2 CA19 3 CA19 4 CA19 5 CA19 6 Level of Difficulty Time minutes Complex Complex 40 45 50 60 Complex 40 45 Moderate Simple Moderate Complex 20 25 20 25 20 25 45 50 Complex 40 50 Complex 40 50 Simple Moderate Complex Moderate Complex 15 20 20 25 20 25 20 25 20 25 20 25 Explain computation of deferred tax liability for multiple tax rates Complex Explain future taxable and deductible amounts how carryback and carryforward affects deferred taxes CA19 7 Deferred taxes income effects Moderate 20 25 19 4 Copyright 2011 John Wiley Sons Inc Kieso Intermediate Accounting 14 e Solutions Manual For Instructor Use Only SOLUTIONS TO CODIFICATION EXERCISES CE19 1 Master Glossary a b c d a b CE19 2 CE19 3 The deferred tax consequences attributable to deductible temporary differences and carryforwards A
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