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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 $ $
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Can I get the answers to questions asked by others? they are on this page http://www.expertsmind.com/questions/corporate-tax-301114747.aspx#
what is taxation
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Define VAT? what is excise? VAT refers for value added tax, that is termed as charged on profit earned by firm, for example example: let suppose a business man sells a product of U
C corporation versus S corporation
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