Answer questions below by clicking on yellow cells and choose answers from drop down menu

Answer questions below by clicking on yellow cells and choose answers from drop-down menu. I. a permanent exists which causes taxable income to be higher than financial income, effective tax rate '.vdl be statutory tax rate _ Click on Yellow cell to Choose answer . A Company repons revenues, for financial reporting putpose, equal to SIDO,DDO, which includes SIO,DDO ofrevenue uncollected (see list of "temporary difference", this is an example ofinstallment sales Therefore, for tax putpose, the company repons revenue equal to The company also repons expenses for both financial reporting putpose and tax putpose equal to S60,OOO. Assuming statutory tax rate is 35%. a. How much is "income taxes paid"? Enter Amount b. This temporary difference '.vdl cause the company's recorded income tax (what it repons in its income statement) to be higher than that paid to the tax authority Therefore, it WNI result in a c. The amount ofthe defeed tax asset/liabity created is d. Income tax expense is calculated as e. Effective tax rate is equal to (use percentage) t How is effective tax rate compared to the statutory rate? Click on Yellow cell to Choose answer Enter Amount Enter Amount Enter Amount Click on Yellow cell to Choose answer 3a. Prepare journal entries for the following events using the "allowance method" of recognizing bad debt expense I). On 12/31,'2016, Company ABC estimated that 1% of its total credit sales SIDO,DDO WNI not be collected. Choose Account Choose Account 2). On 4/1,2017, a customer of ABC declares bankruptcy and company ABC '.vntes offS700 ofbad debt accordingly Choose Account Choose Account 3b. Prepare journal entries for the following events using the "direct write-off method" of recognizing bad debt expense I). On 12/31,'2016, Company ABC estimated that 1% of its total credit sales SIDO,DDO not be collected. Choose Answer 2). On 4/1,2017, a customer of ABC declares bankruptcy and company ABC '.vntes offS700 ofbad debt accordingly Choose Account Choose Account Enter Amount Enter Amount Enter Amount Enter Amount Enter Amount Enter Amount