For the year ended december 31, 2017, tyre company reported pre-tax financial statement income of $750,000. its taxable income was $650,000. the difference was due to the use of accelerated depreciation for income tax purposes and straight-line for financial reporting. tyre’s income tax rate is 35%, and it made estimated tax payments of $90,000 during 2017. required: what amount should tyre report as the current portion of income tax expense for 2017? what amount should tyre report as the deferred portion of income tax expense for 2017? prepare the journal entry tyre would make to record 2017 taxes.
Answers: 2
Business, 21.06.2019 16:40
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Dominic is the founder of an innovative "impromptu catering" business that provides elegant, healthy party food and decorations on less than 24 hours' notice. the company has grown by over 150 percent in the past year. dominic credits some of the company's success to studying the strategies of prominent social entrepreneurs, such as wikipedia's jimmy wales. what can dominic do to exemplify the social entrepreneurship model?
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What happens when the government finances a job creation project through taxes and borrowing?
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For the year ended december 31, 2017, tyre company reported pre-tax financial statement income of $7...
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