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Given the below information, provide the journal entry to recognize tax expense. Assume taxes are paid immediately (with cash). Note: the statutory rate is assumed to be 40%.
Assume the interest income is permanently non-taxable. You will have to decide whether there is any deferred tax position, given these facts.
Income
Statement
Tax Return
Difference: Permanent
Revenues
400
Cost of Goods Sold
- 150
SG&A Expense
- 50
Depreciation Expense
- 20
Interest Income
20
0
Pre-Tax Income
200
Taxable Income
180
Statutory Rate
40%
Tax Expense
?
Taxes Paid (Cash)
Deferred Tax?
Tax Expense:
Assets
Liabilities
Owners' Equity
Debit Credit $ $
Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual method of accounting but he doesn’t keep any signifi
two years ago, corporation used its excess cash to purchase piece of land as an investment. Is this ordinary, capital or 1231 asset?
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I WOULD LIKE TO KNOW ABOUT GST. FROM WHERE IT HAVE COME AND HOW IT WORKS. ALSO INFORM ME WEATHER IT IS APPLICABLE IN INDIA OR NOT.
I have an assignment that requires me to prepare a tax return .
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