Question
A Company has revenue of $120,000 and expenses of $65,000. Accounts receivable balances account for $25,000 of the revenue. Calculate pretax income according to GAAP,
A Company has revenue of $120,000 and expenses of $65,000. Accounts receivable balances account for $25,000 of the revenue. Calculate pretax income according to GAAP, and taxable income according to the IRS.
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To calculate the pretax income Operating income and taxable income one needs to understand that the ...
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Intermediate Accounting Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
12th Canadian Edition
1119497043, 978-1119497042
