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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 43
Accounting for income tax
Hoxey Flowers had income before income tax of $70,000 and taxable income of $60,000 for 2012, the company's first year of operations. The income tax rate is 30%.
Requirements
1. Make the entry to record Hoxey's income taxes for 2012.
2. Show what Hoxey's will report on its 2012 income statement, starting with income before income tax.
Hoxey Flowers had income before income tax of $70,000 and taxable income of $60,000 for 2012, the company's first year of operations. The income tax rate is 30%.
Requirements
1. Make the entry to record Hoxey's income taxes for 2012.
2. Show what Hoxey's will report on its 2012 income statement, starting with income before income tax.
Explanation
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2.
Step 1. Read the exercise....
Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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