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Given the below information, provide the journal entry to recognize tax expense. Assume taxes are paid immediately (with cash). Note: the statutory rate is assumed to be 40%.
Assume the interest income is permanently non-taxable. You will have to decide whether there is any deferred tax position, given these facts.
Income
Statement
Tax Return
Difference: Permanent
Revenues
400
Cost of Goods Sold
- 150
SG&A Expense
- 50
Depreciation Expense
- 20
Interest Income
20
0
Pre-Tax Income
200
Taxable Income
180
Statutory Rate
40%
Tax Expense
?
Taxes Paid (Cash)
Deferred Tax?
Tax Expense:
Assets
Liabilities
Owners' Equity
Debit Credit $ $
Loren z Limited is a lorry manufacturer. On 1 January 2011, the company entered into an operating lease (as a lessee) over a company systems. Details of the annual lease rentals,
Where do I file a person''s life insurance and what they have inherited.
Tax Payable or Tax Credit Stuart's Guitars, which has a company tax rate of 30%, is planning to sell one of its old lathes. The machine, purchased 5 years ago for $50,000, had
Pension from former employer $39,850, Interest income from Alto Nationl Bank 5,500, Interest income on City of Alto bonds 4,500, Dividends received from IBM 2,000, Collection
I need help with tax
Critically Evaluate overseas experiences with this form of tax. (e.g. UK or Australia)
Bass River Furniture operates a manufacturing business in Bass River, Nova Scotia. On June 8, 2010, Bass River purchased an asset for an invoice price before HST of $1,800,000. Th
explain 5 threats to auditor
c program to input the salary and output payable tax using the following information salary tax 10,000-20,000 2% 20,000-35,000 4% 3
I have MCQ In corp. Tax area ?
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