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Calculate both the Book and Tax Income

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Question - Emily Inc., is at its year-end CY2020 and is trying to determine the associated Tax Expense and the applicable Payables. Based on the following information, please show your work to determine its Book and Tax Obligations:

Gross Sales $52,000

Discount Offered on Sales $2,200

Wages $22,000

Utilities Expense $3,765

Supplies Expense $5,125

Depreciation Expense $8,250

Depreciation Accelerated for Tax $12,265

Amortization of Goodwill $2,000

Based on the aforementioned, please calculate both the Book and Tax Income and then the applicable taxes (Expense, Payables, etc.) assuming a tax rate of 20%. Please show each and then the entry.

Reference no: EM133061192

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