What are the effects on balance sheet and income statement

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Reference no: EM131221478

Income Taxes

A. If Congress voted to eliminate corporate taxes, what would be the effect on your company’s income statement and balance sheet? Defend your response.

B. Calculate the income tax rate for your chosen company. What effect will an increase in income of $2,000,000 have on your company?

C. What are the effects on the balance sheet and income statement? Justify your response.

D. How much did your company pay in foreign taxes last year? What percentage of its income is United States vs. foreign?

Reference no: EM131221478

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