Which would appear in the journal entry necessary to record

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Problem

Honeyville Company had sales for the year of $100,000. Of these sales, only $30,000 were collected in cash. The other $70,000 is expected to be collected in cash next year. For this business, the tax rules stipulate that income is not taxed until it is collected in cash. The only expense is income tax expense, and the tax rate is 25% this year and in all future years. Get the instant assignment help. Which would appear in the journal entry necessary to record income tax expense for the year?

Reference no: EM133906122

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