Explain why income tax expense is usually the final deduction on both single-step and multiple-step income statements.

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Introduction to Financial Accounting

ISBN: 978-0133251036

11th edition

Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick

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Question Posted: Feb 20, 2015 08:43 AM

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Explain why income tax expense is usually the final deduction on both single-step and multiple-step income statements.

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The amount of income tax expense is based on pretax income Income t...View the full answer

Introduction to Financial Accounting

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