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Category > Accounting Posted 26 Sep 2017 My Price 6.00

continuing operations

A company’s provision for income taxes resulted in effective tax rates attributable to loss from continuing operations before cumulative effect of change in accounting principles that varied from the statutory federal income tax rate of 34 percent, as summarized in the table below.

Year ended 30 June

2007

2006

2005

Expected Federal income tax expense (benefit) From confirming operations at 34 percent

($112,000)

$768,000

$685,000

Expenses not deductible for income tax purposes

357,000

32,000

51,000

State income taxes, net of federal benefit

132,000

22,000

100,000

Change in valuation allowance

for deemed tax assets

(150,000)

(766,000)

(754,000)

Income tax expense

$227,000

$56,000

$82,000

Over the three years presented, changes in the valuation allowance for deferred tax assets were most likely indicative of

a. decreased prospect for future profitability.

b. increased prospects for future profitability.

c. assets being carried at a higher value than their tax base.

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Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 11:09 PM My Price 6.00

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