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Question:
The books of the Tracker Company for the year ended December 31, 2008, showed pretax income of $360,000. In computing the taxable income for federal income tax purposes, the following timing differences were taken into account: Depreciation deducted for tax purposes in excess of depreciation recorded on the books ...$16,000
Income from installment sale reportable for tax purposes in excess of income recognized on the books ...$12,000
What should Tracker record as its current federal income tax liability at December 31, 2008, assuming a corporate income tax rate of 30 percent?
a. $99,600
b. $103,200
c. $106,800
d. $108,000
At the end of the quarter, a company did an adjusting entry to record $5,000 of depreciation on the fleet of automobiles used by the sales force. Which of the following items would be increased by this depreciation adjusting entry?
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Sam's friend would like to be reimbursed for the time value of money at a 10% annual rate. What is the annual payment Sam must make to pay back his friend?
Pretax accounting income includes interest revenue from municipal bonds (not taxable). This interest revenue is $25,000 in 2010, $30,000 in 2011, and $32,000 in 2012. The enacted tax rate is 40%. Create the journal entry to record income taxes for ..
Determine the balance in the income taxes payable account at 31 st December, 2007.
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