International Financial Statement Analysis – Taxes and Liabilities
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Objective – Question attached, please submit both word and excel file (if excel file is required)
INCOME TAXES
- Describe the differences between accounting profit and taxable income
- Explain how deferred tax liabilities and asset are created
- Explain how these liabilities and assets should be treated for financial analysis purposes.
- Calculate income tax expense, income taxes payable, deferred tax assets and deferred tax liabilities.
- Evaluate the impact of a tax rate change on a company’s financial statements and ratios
- Distinguish between temporary and permanent differences in accounting income and taxable income
- Explain recognition and measurement of current and deferred tax items
- Analyze the disclosures related to deferred tax items and how the information in those disclosures affect the financial statements and ratios of the company
LONG-TERM LIABILITIES
- Determine the initial recognition and measurement of bonds
- Calculate the interest expense, amortization of bond discount/premium and interest payments using the effective interest method
- Describe how debt covenants protect creditors
- Describe the financial statement presentation and disclosures related to debt
- Explain why a company might choose to lease an asset instead of purchasing it
- Distinguish between a capital lease and an operating lease from both the lessor’s and lessee’s perspectives
- Compare and contrast the disclosures related to capital and operating leases
- Compare the presentation and disclosure of defined contribution and defined benefit pension plans
- Calculate and interpret leverage and coverage ratios