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Compute Phillips current and deferred income tax expense

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Problem - Phillips, Inc., a cash basis C corporation, completes $100,000 in sales for year 1, but only $75,000 of this amount is collected during year 1. The remaining $25,000 from these sales is collected promptly during the first quarter of year 2. The applicable combined income tax rate for year 1 and thereafter is 30%. Compute Phillips's year 1 current and deferred income tax expense.

Reference no: EM132649497

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