Question
L Co a domestic corporation in its seventh year of operation in 2018 (Fill in the blank and provide the corresponding computation and necessary journal
L Co a domestic corporation in its seventh year of operation in 2018 (Fill in the blank and provide the corresponding computation and necessary journal entries.).
1. Given:
Gross Profit 780,000
Business Expenses 600,000
Net income 180,000
How much Normal Tax?
How much MCIT?
How much Income tax expense?
How much Income tax payable?
How much Deferred charges?
What is the journal entries
2. Given:
Gross Profit 990,000
Business Expenses 710,000
Net income 280,000
How much Normal Tax?
How much MCIT?
How much Income tax expense?
How much Income tax payable?
How much Deferred charges?
What is the journal entries?
3. Given:
Gross Profit 1,200,000
Business Expenses 1,500,000
Net income (300,000)
How much Normal Tax?
How much MCIT?
How much Income tax expense?
How much Income tax payable?
How much Deferred charges?
What is the journal entries?
4. Given:
Gross profit 600,000
Business Expenses 400,000
Net income 200,000
How much Normal Tax?
How much MCIT?
How much Income tax expense?
How much Income tax payable?
How much Deferred charges?
What is the journal entries?
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Fundamentals Of Advanced Accounting
Authors: Joe Ben Hoyle
8th Edition
1260575926, 978-1260575927
