Compute the deferred income tax amount reported in the balance sheet for each year by Corporation M and also to explain the reason for considering deferred income tax as liability.

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Answer 1

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Chapter 9, Problem 9.13P

1.

To determine

Compute the deferred income tax amount reported in the balance sheet for each year by Corporation M and also to explain the reason for considering deferred income tax as liability.

2.

To determine

Compute income tax expense for each year.

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You have been asked to test the effectiveness of Ingo Corporation’s control of manually approving all purchases over $25,000. During the year, Ingo Corporation has made 1,000,000 purchases, of which 3,000 were over $25,000. Jian Zhang, CPA, your supervisor, asked you to use a tolerable deviation rate of 4 percent (although she expects the rate to be only approximately 0.50 percent) and a 5 percent risk of assessing control risk too low. Use the following to determine the planned assessed level of control risk and the assessed level of control risk. (Planned) Assessed Level of Control Risk Tolerable Deviation Rate Low 2−7% Moderate 6−12% Slightly below the maximum 11−20% Maximum Over 20% Expected Population Deviation Rate (as Percentages) Tolerable Deviation Rate 2% 3% 4% 5% 6% 7% 8% 9% 10% 15% 20% 0.00% 149(0) 99(0) 74(0) 59(0) 49(0) 42(0) 36(0) 32(0) 29(0) 19(0) 14(0) 0.25 236(1) 157(1) 117(1) 93(1) 78(1) 66(1) 58(1) 51(1) 46(1) 30(1) 22(1) 0.50 * 157(1)…

Answer 2

Question

Chapter 9, Problem 9.13P

1.

To determine

Compute the deferred income tax amount reported in the balance sheet for each year by Corporation M and also to explain the reason for considering deferred income tax as liability.

2.

To determine

Compute income tax expense for each year.

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Answer 3

Question

Chapter 9, Problem 9.13P

1.

To determine

Compute the deferred income tax amount reported in the balance sheet for each year by Corporation M and also to explain the reason for considering deferred income tax as liability.

2.

To determine

Compute income tax expense for each year.

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Answer 4

Question

Chapter 9, Problem 9.13P

1.

To determine

Compute the deferred income tax amount reported in the balance sheet for each year by Corporation M and also to explain the reason for considering deferred income tax as liability.

2.

To determine

Compute income tax expense for each year.

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Answer 5

Chapter 9, Problem 9.13P

1.

To determine

Compute the deferred income tax amount reported in the balance sheet for each year by Corporation M and also to explain the reason for considering deferred income tax as liability.

2.

To determine

Compute income tax expense for each year.

Answer 6

Chapter 9, Problem 9.13P

1.

To determine

Compute the deferred income tax amount reported in the balance sheet for each year by Corporation M and also to explain the reason for considering deferred income tax as liability.

Answer 7

Chapter 9, Problem 9.13P

1.

To determine

Compute the deferred income tax amount reported in the balance sheet for each year by Corporation M and also to explain the reason for considering deferred income tax as liability.

Answer 8

2.

To determine

Compute income tax expense for each year.

Answer 9

2.

To determine

Compute income tax expense for each year.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 9 - Prob. 1Q Ch. 9 - Prob. 2Q Ch. 9 - Prob. 3Q Ch. 9 - Prob. 4Q Ch. 9 - Prob. 5Q Ch. 9 - Prob. 6Q Ch. 9 - Prob. 7Q Ch. 9 - Define deferred revenue. Why is it a liability?Ch. 9 - Prob. 9Q Ch. 9 - Define working capital. How is working capital...

Compute the deferred income tax amount reported in the balance sheet for each year by Corporation M and also to explain the reason for considering deferred income tax as liability.

Solution Summary: The author explains the deferred income tax amount reported in the balance sheet for each year by Corporation M.

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Compute the deferred income tax amount reported in the balance sheet for each year by Corporation M and also to explain the reason for considering deferred income tax as liability.

Compute income tax expense for each year.

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Chapter 9 Solutions