Question
A firm earned pretax GAAP income of $150 in its first year of business. The firm reported $20 of accounts receivable at year-end because it
A firm earned pretax GAAP income of $150 in its first year of business. The firm reported $20 of accounts receivable at year-end because it did not collect $20 of sales in cash. The government has a 20% income tax rate and does not tax sales uncollected in cash. calculate the firm paid income taxes to the government in the current year.
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Financial Accounting and Reporting a Global Perspective
Authors: Michel Lebas, Herve Stolowy, Yuan Ding
4th edition
978-1408066621, 1408066629, 1408076861, 978-1408076866
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