Hyde Corporation has long-term liabilities, such as bonds, notes and leases, for which interest expense must be accrued. During 20X7, Hyde had earnings before interest and taxes of $45,890 and interest expense of $9,920. Which of the following is Hyde’s times interest earned?
a. 1.28 times
b. 21.6 times
c. 78.4 times
d. 4.63 times
Fargo Corporation earns revenue in 20X2 that will be reported on its 20X2 income statement, but will not be reported on its tax return until 20X4. The revenue amounts to $800,000 and Fargo’s tax rate is 40 percent. Which of the following is a true statement?
a. Fargo should report a deferred tax liability of $800,000 in 20X2.
b. Fargo should not recognize a deferred tax liability until 20X4.
c. Fargo should report a deferred tax liability of $320,000 in 20X2.
d. Fargo should never report a deferred tax liability.
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