f12CorporationsIncomeandTaxesBusiness(公司金融会.pptx
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1、C12-1Learning ObjectivesPower Notes1.Corporate Income Taxes2.Unusual Income Statement Items3.Earnings Per Common Share4.Reporting Stockholders Equity5.Comprehensive Income6.Accounting for Investment in Stocks7.Business Combinations8.Financial Analysis and InterpretationChapter F12C12 Corporations:In
2、come and Taxes,Corporations:Income and Taxes,Stockholders Equity,Investments in Stocks Stockholders Equity,Investments in StocksC12-2 Corporate Income Taxes Unusual Income Statement Items Earnings Per Common Share Reporting Stockholders Equity Long-Term Stock Investments Business Combinations Price-
3、Earnings RatioSlide#Power Note Topics3101622283638 Note:To select a topic,type the slide#and press Enter.Power NotesChapter F12 Corporations:Income and Taxes,Corporations:Income and Taxes,Stockholders Equity,Investments in Stocks Stockholders Equity,Investments in StocksC12-3Corporate Income TaxesCo
4、rporate Income Taxes4Corporations are taxable entities that must pay income taxes.4Because income tax is often a significant amount,it is reported as a special deduction.4Taxable income is determined according to tax laws which are often different from income before income tax according to GAAP.4Dif
5、ferences in tax law and GAAP create some temporary differences that reverse in later years.4Temporary differences do not change or reduce the total amount of tax paid,they affect only the timing of when the taxes are paid.C12-4Temporary Differences in Reporting RevenuesTemporary Differences in Repor
6、ting Revenues Report NowReport NowTaxable LaterTaxable LaterReport LaterReport LaterTaxable NowTaxable NowExample:Income reporting methods.Point-of-Sale MethodInstallment MethodFinancialReportingTaxReportingExample:Cash collected in advance.WhenEarnedWhenCollectedRevenueReportingC12-5Temporary Diffe
7、rences in Reporting ExpensesTemporary Differences in Reporting Expenses Deduct NowDeduct NowDeduct LaterDeduct LaterDeduct SlowerDeduct SlowerDeduct FasterDeduct FasterExample:Product warranty expense.WhenEstimatedWhenPaidFinancialReportingTaxReportingExample:Methodsof depreciation.Straight-LineMeth
8、odMACRSMethodExpenseDeductionsC12-6 Date DateDescriptionDescriptionDebitDebitCreditCreditIncome Tax AccountingIncome Tax AccountingIncome Tax Expense120,000Income Tax Payable40,000Deferred Income Tax Payable80,000 Deferred Income Tax Payable 48,000 Income Tax Payable 48,0001st Yr.Income tax allocati
9、on due to timing differences.Financial reporting and tax reporting summary:Income before tax$300,000 x 40%rate=$120,000Taxable income$100,000 x 40%rate=$40,000Record$48,000 of deferred tax as payable.2nd Yr.C12-7 Date DateDescriptionDescriptionDebitDebitCreditCreditIncome Tax AccountingIncome Tax Ac
10、countingFinancial reporting and tax reporting summary:Income before tax$300,000 x 40%rate=$120,000Taxable income$100,000 x 40%rate=$40,000Income Tax Expense120,000Income Tax Payable40,000Deferred Income Tax Payable80,000The income tax expense is deducted from the income before tax reported on the in
11、come statement.1st Yr.C12-8 Date DateDescriptionDescriptionDebitDebitCreditCreditIncome Tax AccountingIncome Tax AccountingFinancial reporting and tax reporting summary:Income before tax$300,000 x 40%rate=$120,000Taxable income$100,000 x 40%rate=$40,000Income Tax Expense120,000Income Tax Payable40,0
12、00Deferred Income Tax Payable80,000The income tax payable is based on the taxable income and is a current liability due and payable.1st Yr.C12-9 Date DateDescriptionDescriptionDebitDebitCreditCreditIncome Tax AccountingIncome Tax AccountingFinancial reporting and tax reporting summary:Income before
13、tax$300,000 x 40%rate=$120,000Taxable income$100,000 x 40%rate=$40,000Income Tax Expense120,000Income Tax Payable40,000Deferred Income Tax Payable80,000The deferred income tax payable is a deferred liability due later as the timing differences reverse and the taxes become due.1st Yr.C12-10Unusual In
14、come Statement ItemsUnusual Income Statement ItemsThree types of unusual items are:1.Results of discontinued operations.2.Extraordinary items of gain or loss.3.A change from one generally accepted accounting principle to another.These items and the related tax effects are reported separately in the
15、income statement.C12-11Jones CorporationIncome StatementFor the Year Ended December 31,2003Net sales$9,600,000 Income from continuing operationsbefore income tax$1,310,000Income tax620,000Income from continuing operations$690,000Loss on discontinued operations(Note A)100,000Income before extraordina
16、ry items and cumulative effect of a change in accounting principle$590,000Extraordinary item:Gain on condemnation of land,net ofapplicable income tax of$65,000150,000Cumulative effect on prior years of changing todifferent depreciation method(Note B)92,000Net income$832,000C12-12Jones CorporationInc
17、ome StatementFor the Year Ended December 31,2003Net sales$9,600,000 Income from continuing operationsbefore income tax$1,310,000Income tax620,000Income from continuing operations$690,000Loss on discontinued operations(Note A)100,000Income before extraordinary items and cumulative effect of a change
18、in accounting principle$590,000Extraordinary item:Gain on condemnation of land,net ofapplicable income tax of$65,000150,000Cumulative effect on prior years of changing todifferent depreciation method(Note B)92,000Net income$832,000C12-13Jones CorporationIncome StatementFor the Year Ended December 31
19、,2003Net sales$9,600,000 Income from continuing operationsbefore income tax$1,310,000Income tax620,000Income from continuing operationsIncome from continuing operations$690,000$690,000Loss on discontinued operations(Note A)100,000Income before extraordinary items and cumulative effect of a change in
20、 accounting principle$590,000Extraordinary item:Gain on condemnation of land,net ofapplicable income tax of$65,000150,000Cumulative effect on prior years of changing todifferent depreciation method(Note B)92,000Net incomeNet income$832,000$832,000Differences created by unusual items:discontinued ope
21、rations,extraordinary items,and change in methods.C12-14Jones CorporationIncome StatementFor the Year Ended December 31,2003Net sales$9,600,000 Income from continuing operationsbefore income tax$1,310,000Income tax620,000Income from continuing operations$690,000Loss on discontinued operations(Note A
22、)100,000Income before extraordinary items and cumulative effect of a change in accounting principle$590,000Extraordinary item:Gain on condemnation of land,net ofapplicable income tax of$65,000150,000Cumulative effect on prior years of changing todifferent depreciation method(Note B)92,000Net income$
23、832,000C12-15Jones CorporationIncome StatementFor the Year Ended December 31,2003Net sales$9,600,000 Income from continuing operationsbefore income tax$1,310,000Income tax620,000Income from continuing operations$690,000Loss on discontinued operations(Note A)100,000Income before extraordinary items a
24、nd cumulative effect of a change in accounting principle$590,000Extraordinary item:Gain on condemnation of land,net ofapplicable income tax of$65,000150,000Cumulative effect on prior years of changing todifferent depreciation method(Note B)92,000Net income$832,000C12-16Reporting Earnings Per Common
25、ShareReporting Earnings Per Common Share1.Income from continuing operations.2.Income before extraordinary items and the cumulative effect of a change in accounting principle.3.Extraordinary items and the cumulative effect of a change in accounting principle.4.Net income.Earnings per share(EPS)is the
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