Question
Yep Industries reported the following information: Pre-tax Income 65,000 Fines paid to the SEC 15,000 Municipal bond interest revenue 2,000 Tax depreciation 30,000 Book depreciation
Yep Industries reported the following information:
Pre-tax Income 65,000
Fines paid to the SEC 15,000
Municipal bond interest revenue 2,000
Tax depreciation 30,000
Book depreciation 12,000
Tax rate 40%
Compute the following: (1) financial income subject to tax, (2) taxable income, (3) Total income tax expense, (4) current income tax expense, (5) deferred income tax expense, (6) net income, and (7) effective tax rate.
What will be reported on Yeps balance sheet?
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Financial Management
Authors: P V V Satyanarayana
1st Edition
9350568012, 9789350568019
