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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 $ $
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
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Just moved out of state. My husband works 3 part time jobs instead of one full time job. Can we deduct our moving expenses?
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introduction to income of salary
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gregory and lulu clifden tax problem pg D6 to D8
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