Deferred tax assets and liabilitie, Managerial Accounting

Prepare a multiple step income statement, and classified balance sheet for XYZ Corporation for 2013 in good form. The income statement should include the proper earnings per share calculations.  You are also required to providethe following:

  1. A listing of the deferred tax assets and liabilities. 
  2. The determination of the earnings per share calculations.
  3. Adjusted trial balance as of 12/31/2013.

For this assignment, only the specified schedules are required, i.e., no text.  Round account balances to the nearest dollar and per share amounts to the nearest cent.  For the balance sheet you will need to classify the leases as current or noncurrent, however for deferred taxes, classify the entire deferred tax effect as noncurrent.

Assume the following tax regulations:

Warranty costs are deducted when claims are fulfilled.

Pension costs are deductible in the amount of the contribution.

Depreciation is calculated using the double declining balance method.

All leases are taxed as operating leases.

The firm receives a deduction equal to the employee's gain on the exercise of the option when the option is exercised.

Interest expense on the zero-coupon convertible bond is fully tax-deductible.

Posted Date: 3/7/2013 5:21:40 AM | Location : United States

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