Question
$1,500 in meal and entertainment expenses show as a permanent difference for tax. Prepare the necessary adjusting entry. The company uses straight line depreciation for
$1,500 in meal and entertainment expenses show as a permanent difference for tax.Prepare the necessary adjusting entry.
The company uses straight line depreciation for book and MACRS depreciation for the tax return
MACRS depreciation was $209,301 higher than book.Prepare the adjusting entry for the deferred tax.
There have been recent tax structure changes the could impact the company.Peyton Approved has been a C Corp since the beginning of these changes.Peyton provides for taxes at 25% of pretax income (20% Federal, 5% state).
How would these be adjusted in trial balance?
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