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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 $ $
acc565 discussion for week 8
The following 2012 projected income statement is provided by your new client, John Green, single, and sole proprietor of Green Industries. Green Industries started business in Marc
Complete the following problems located in Taxation of Individuals and Business Entities: • Comprehensive Problem 67 (Ch. 5) using Microsoft Excel, except prepare the computations
Melissa Tang has recently sold her stake in Global Manufacturing Ltd., a firm that she founded in 1990, for $15 million. She is now trying to decide how best to invest the proceeds
kindly please help me in getting the valuation methods under other methods for the assessment year 2012-13.
Comprehensive Problem 3 in Appendix B solution
Consider a multinational listed company that has recently carried out an acquisition. You may also select a company that carried out an acquisition long ago as long as there is inf
hi there i need help in assignment of taxation law
how to prepare a frankin account
Ask qmanaging dicrete assignmentuestion #Minimum 100 words accepted#
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