NO.PZ2019120301000176
问题如下：
Question
The following information was taken from the financial statements and notes to the financial statements of a company that accounts for its inventory on a LIFO basis.
The company’s tax rate for the current and all prior years is 33.3%.
If the company had reported on a FIFO basis and the additional tax liability arising from restatement resulted in an immediate reduction in cash, its 2014 return on assets (using 2014 assets only) would be:
选项：
A.6.2%.
B.6.4%.
C.7.7%.
解释：
Solution
B is correct. The net income and total assets both need to be adjusted to what they would have been under the FIFO method.
Return on assets = (Net income/Total assets) × 100
= (391.4/6,148.3) × 100
= 6.36%
Under FIFO, total assets increase by the LIFO reserve but decrease by the cash paid for the cumulative amount of additional income taxes that would arise. Net income will be higher under FIFO as a result of lower COGS—that is, the increase in the LIFO reserve—but will be reduced by the taxes paid on the increase in operating profit.
A is incorrect. It uses the tax for only the current year, 2014, not the cumulative tax savings in the asset determination:
ROA = [391.4/(5,570 + 867 – 106.6)] × 100 = (391.4/6,330) × 100 = 6.18%
C is incorrect. It ignores tax effects but adjusts pre-tax income and inventory properly:
ROA = [(178 + 320)/(5,570 + 867)] × 100 = (498/6,437) × 100 = 7.7%
两道题没有看出为什么要不同方式调整total asset
