"Financial Report":Tax rate

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Questions 1:

In applying the principles of expense recognition, companies should:

A、 record any estimates of uncollectible amounts as a direct reduction of revenues.

B 、exclude costs of intangible assets with indefinite useful lives.

C 、recognize credit losses on customer receivables when defaults occur.

Questions 2:

The following table summarizes income statement data for a manufacturing company:

Financial Report:Tax rate

Compared with 2020, the 2021 common-size income statement most likely indicates:

A 、a lower tax rate.

B 、cost cutting in selling, general and administration.

C 、sale of a new, differentiated product.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. The two main types of long-lived assets whose costs are not allocated over time are land and those intangible assets with indefinite useful lives.

A is incorrect because a company records an estimate of uncollectible amounts as an expense on the income statement, not as a direct reduction of revenues.

C is incorrect because, under the matching principle, at the time revenue is recognized on a sale, a company is required to record an estimate of how much of the revenue will ultimately be uncollectible.

【Answer to question 2】C

【analysis】

C is correct. Gross profit margin improved from 33.3% (€775/€2,325) to 35.6% (€930/€2,611). This may be reflective of selling a new, more highly differentiated product.

A is incorrect because the tax rate (which is expressed as tax paid as a percentage of net income) increased year over year, from 26.1% (€120/€460) to 26.7% (€155/€580). This is also true of tax paid as a percentage of revenue, which increased from 5.2% (€120/€2,325) to 5.9% (€155/€2,611) year over year. The company’s profitability was reduced because of the higher tax rate.

B is incorrect because SG&A as a percentage of revenue slightly increased year over year: 2010 = €260/€2,325 = 11.2% and 2011 = €295/€2,611 = 11.3%.

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