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The following data represent the differences between accounting and fall income for Blood Imports in whose pracowning income isso,000 for the year anded December 31.
The following data represent the differences between accounting and fall income for Blood Imports in whose pracowning income isso,000 for the year anded December 31. They come mais 45%. Additional Information relevant to income bases includes the following a Capital costalowanion of S270,000 exceeded accounting depreciation expense of $157,000 in the curnt you b. Rants of 529.000 applicable to cast year had been coached in December and delene for Francis atament purposes but are tatlo in the year received c. In a previous year, the company established a provision for product warranty expense Ammary of the current year'a transactions appears below Wanavy Expense for the year Payments made to product warranties 42,500 35.000 de expense to cover the company's cutive officers was $7.00 for the year Required: 1. Calle Taxable income 2. Prepare all journals to record income taxes for Seafood Imports The following data represent the differences between accounting and fall income for Blood Imports in whose pracowning income isso,000 for the year anded December 31. The company income tax rate is 45%. Additional Information relevant to income bases includes the following: a, Capital costalowanion of S270,000 exceeded accounting depreciation expense of $157,000 in the current year b. Rents of 529.000 applicable to next year year had been collected in December and deffered for financial statement purposes but are taxable in the year received c. In a previous year, the company established a provision for product warranty expense. A summary of the current year'a transactions appears below: Warranty Expense for the year 42,500 Payments made to product warranties 35.000 d, Insurance expense to cover the company's executive officers was $7500 for the year Required: 1. Calculate Taxable income 2. Prepare all journals to record income taxes for Seafood Imports The following data represent the differences between accounting and fall income for Blood Imports in whose pracowning income isso,000 for the year anded December 31. They come mais 45%. Additional Information relevant to income bases includes the following a Capital costalowanion of S270,000 exceeded accounting depreciation expense of $157,000 in the curnt you b. Rants of 529.000 applicable to cast year had been coached in December and delene for Francis atament purposes but are tatlo in the year received c. In a previous year, the company established a provision for product warranty expense Ammary of the current year'a transactions appears below Wanavy Expense for the year Payments made to product warranties 42,500 35.000 de expense to cover the company's cutive officers was $7.00 for the year Required: 1. Calle Taxable income 2. Prepare all journals to record income taxes for Seafood Imports The following data represent the differences between accounting and fall income for Blood Imports in whose pracowning income isso,000 for the year anded December 31. The company income tax rate is 45%. Additional Information relevant to income bases includes the following: a, Capital costalowanion of S270,000 exceeded accounting depreciation expense of $157,000 in the current year b. Rents of 529.000 applicable to next year year had been collected in December and deffered for financial statement purposes but are taxable in the year received c. In a previous year, the company established a provision for product warranty expense. A summary of the current year'a transactions appears below: Warranty Expense for the year 42,500 Payments made to product warranties 35.000 d, Insurance expense to cover the company's executive officers was $7500 for the year Required: 1. Calculate Taxable income 2. Prepare all journals to record income taxes for Seafood Imports
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