f12CorporationsIncomeandTaxesBusiness(公司金融会

C12-1LearningObjectivesPowerNotes1.CorporateIncomeTaxes2.UnusualIncomeStatementItems3.EarningsPerCommonShare4.ReportingStockholders’Equity5.ComprehensiveIncome6.AccountingforInvestmentinStocks7.BusinessCombinations8.FinancialAnalysisandInterpretationChapterF12C12Corporations:IncomeandTaxes,Stockholders’Equity,InvestmentsinStocksC12-2•CorporateIncomeTaxes•UnusualIncomeStatementItems•EarningsPerCommonShare•ReportingStockholders’Equity•Long-TermStockInvestments•BusinessCombinations•Price-EarningsRatioSlide#PowerNoteTopics3101622283638Note:Toselectatopic,typetheslide#andpressEnter.PowerNotesChapterF12Corporations:IncomeandTaxes,Stockholders’Equity,InvestmentsinStocksC12-3CorporateIncomeTaxesCorporationsaretaxableentitiesthatmustpayincometaxes.Becauseincometaxisoftenasignificantamount,itisreportedasaspecialdeduction.TaxableincomeisdeterminedaccordingtotaxlawswhichareoftendifferentfromincomebeforeincometaxaccordingtoGAAP.DifferencesintaxlawandGAAPcreatesometemporarydifferencesthatreverseinlateryears.Temporarydifferencesdonotchangeorreducethetotalamountoftaxpaid,theyaffectonlythetimingofwhenthetaxesarepaid.C12-4TemporaryDifferencesinReportingRevenuesReportNowTaxableLaterReportLaterTaxableNowExample:Incomereportingmethods.Point-of-SaleMethodInstallmentMethodFinancialReportingTaxReportingExample:Cashcollectedinadvance.WhenEarnedWhenCollectedRevenueReportingC12-5TemporaryDifferencesinReportingExpensesDeductNowDeductLaterDeductSlowerDeductFasterExample:Productwarrantyexpense.WhenEstimatedWhenPaidFinancialReportingTaxReportingExample:Methodsofdepreciation.Straight-LineMethodMACRSMethodExpenseDeductionsC12-6DateDescriptionDebitCreditIncomeTaxAccountingIncomeTaxExpense120,000IncomeTaxPayable40,000DeferredIncomeTaxPayable80,000DeferredIncomeTaxPayable48,000IncomeTaxPayable48,0001stYr.Incometaxallocationduetotimingdifferences.Financialreportingandtaxreportingsummary:Incomebeforetax$300,000x40%rate=$120,000Taxableincome$100,000x40%rate=$40,000Record$48,000ofdeferredtaxaspayable.2ndYr.C12-7DateDescriptionDebitCreditIncomeTaxAccountingFinancialreportingandtaxreportingsummary:Incomebeforetax$300,000x40%rate=$120,000Taxableincome$100,000x40%rate=$40,000IncomeTaxExpense120,000IncomeTaxPayable40,000DeferredIncomeTaxPayable80,000Theincometaxexpenseisdeductedfromtheincomebeforetaxreportedontheincomestatement.1stYr.C12-8DateDescriptionDebitCreditIncomeTaxAccountingFinancialreportingandtaxreportingsummary:Incomebeforetax$300,000x40%rate=$120,000Taxableincome$100,000x40%rate=$40,000IncomeTaxExpense120,000IncomeTaxPayable40,000DeferredIncomeTaxPayable80,000Theincometaxpayableisbasedonthetaxableincomeandisacurrentliabilitydueandpayable.1stYr.C12-9DateDescriptionDebitCreditIncomeTaxAccountingFinancialreportingandtaxreportingsummary:Incomebeforetax$300,000x40%rate=$120,000Taxableincome$100,000x40%rate=$40,000IncomeTaxExpense120,000IncomeTaxPayable40,000DeferredIncomeTaxPayable80,000Thedeferredincometaxpayableisadeferredliabilityduelaterasthetimingdifferencesreverseandthetaxesbecomedue.1stYr.C12-10UnusualIncomeStatementItemsThreetypesofunusualitemsare:1.Resultsofdiscontinuedoperations.2.Extraordinaryitemsofgainorloss.3.Achangefromonegenerallyacceptedaccountingprincipletoanother.Theseitemsandtherelatedtaxeffectsarereportedseparatelyintheincomestatement.C12-11JonesCorporationIncomeStatementFortheYearEndedDecember31,2003Netsales$9,600,000Incomefromcontinuingoperationsbeforeincometax$1,310,000Incometax620,000Incomefromcontinuingoperations$690,000Lossondiscontinuedoperations(NoteA)100,000Incomebeforeextraordinaryitemsandcumulativeeffectofachangeinaccountingprinciple$590,000Extraordinaryitem:Gainoncondemnationofland,netofapplicableincometaxof$65,000150,000Cumulativeeffectonprioryearsofchangingtodifferentdepreciationmethod(NoteB)92,000Netincome$832,000C12-12JonesCorporationIncomeStatementFortheYearEndedDecember31,2003Netsales$9,600,000Incomefromcontinuingoperationsbeforeincometax$1,310,000Incometax620,000Incomefromcontinuingoperations$690,000Lossondiscontinuedoperations(NoteA)100,000Incomebeforeextraordinaryitemsandcumulativeeffectofachangeinaccountingprinciple$590,000Extraordinaryitem:Gainoncondemnationofland,netofapplicableincometaxof$65,000150,000Cumulativeeffectonprioryearsofchangingtodifferentdepreciationmethod(NoteB)92,000Netincome$832,000C12-13JonesCorporationIncomeStatementFortheYearEndedDecember31,2003Netsales$9,600,000Incomefromcontinuingoperationsbeforeincometax$1,310,000Incometax620,000Incomefromcontinuingoperations$690,000Lossondiscontinuedoperations(NoteA)100,000Incomebeforeextraordinaryitemsandcumulativeeffectofachangeinaccountingprinciple$590,000Extraordinaryitem:Gainoncondemnationofland,netofapplicableincometaxof$65,000150,000Cumulativeeffectonprioryearsofchangingtodifferentdepreciationmethod(NoteB)92,000Netincome$832,000Differencescreatedbyunusualitems:discontinuedoperations,extraordinaryitems,andchangeinmethods.C12-14JonesCorporationIncomeStatementFortheYearEndedDecember31,2003Netsales$9,600,000Incomefromcontinuingoperatio