Solution-Compute taxable income and income tax payable

Compute taxable income and income tax payable

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Reference no: EM131883301

Question - Sagehen Enterprises reports pretax financial income of $80,000 for 2012. The following cause taxable income to be different from pretax financial income:

Depreciation on the tax return is greater than depreciation on the income statement by $15,000..

Rent collected on the tax return is $25,000 greater than rent earned on the income statement..

Fines reported on the income statement were $10,000..

The current tax rate is 30%. There are no deferred taxes at the beginning of 2012.

Compute taxable income and income tax payable for 2012. Which of the differences are temporary, and which are permanent?

Reference no: EM131883301

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Compute taxable income and income tax payable : Compute taxable income and income tax payable for 2012. Which of the differences are temporary, and which are permanent

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Compute taxable income and income tax payable

Reference no: EM131883301

Reference no: EM131883301

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