Reference no: EM133186675
Question - EFG Inc. reports the following financial information for its FY 2021. EFG's fiscal year is the calendar year.
Net Revenues $10 million
All Expenses before Depreciation $4 million
Depreciation Expense $800,000
Accounts Receivable 1/1 $1.2 million
Accounts Receivable 12/31 $1.4 million
Effective Tax Rate 20%
EFG is a cash basis taxpayer. It has a net operating loss from earlier tax years of $500,000, EFG has no other reportable relevant financial information.
Required -
What is EFG's income for FY 2021 per its income statement?
What is EFG's taxable income for FY 2021 as per its tax return?
What will EFG report as income tax expense for FY 2021 on its income statement?
What will EFG show as a deferred tax liabilities and/or deferred tax assets on its books for FY 2021?
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