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The following information is provided: Income before taxes $900,000 Income before taxes included the following Requirements: Interest income of= $80,000 (from municipal bonds) Rental income was collected in advance in 2011 and earned in 2012 = $20,000 A piece of equipment was purchased in 2012. Depreciation per books = $40,000 and per income taxes $100,000. Warranty expense in 2012 was $20,000 but for tax purposed only $5,000 was deductible. Assume that at the beginning of 2012 deferred tax asset = $8,000 due to the rent mcome. Tax rate for 2012 and the foreseeable future is 40%.
a. Calculate taxable income
b. Make the necessary tax entry. (include the amounts for tax expense and deferred taxes.
The purchasing agent pays all bills pertaining to goods purchased for resale. Prior to payment, the purchasing agent determines that the goods have been received and verifies the mathematical accuracy of the vendor's invoice.
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