Reference no: EM132746566
Question: Entity Co. uses the cash basis of accounting and reported income of ?87,000 in 20x1. The following items were considered in the computation of the cash basis net income. Inventory, beginning 12,000 Inventory, ending 18,000 Receivables, beginning 40,000 Receivables, ending 38,000 Payables, beginning 19,000 Payables, ending 25,000 The accrual basis income is.
Information on an entity's accounts is shown below: Current tax payable, beg. 150,000 Current tax payable, end. 400,000 Increase in deferred tax liability 60,000 Increase in deferred tax asset 20,000 Income tax paid 280,000 How much is the income tax expense for the period?
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How much is the income tax expense for the period
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