Business, 19.03.2021 16:10 ednalovegod
In year 1, Heron Corp. has depreciation expense for income statement purposes of $10,000. The depreciation deduction on the tax return was $14,000. The enacted tax rate is 30%. Heron's pretax income for the year was $80,000, and its taxable income was $76,000. If this is the only difference between pretax income and taxable income, the journal entry to record tax expense for the year would include which of the following entries?
a. debit tax expense of $22,800
b. credit deferred tax liability of $4,000
c. debit tax expense of $24,000
d. credit taxes payable of $22,800
e. credit deferred tax liability of $1,200
Answers: 3
Business, 22.06.2019 02:50
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Business, 22.06.2019 06:00
When an interest-bearing note comes due and is uncollectible, the journal entry includes debitingaccounts receivable and crediting notes receivable and interest revenue.accounts receivable and crediting interest revenue.notes receivable and crediting accounts receivable and interest revenue.notes receivable and crediting accounts receivable.
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Business, 22.06.2019 20:30
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Business, 22.06.2019 20:50
Happy foods and general grains both produce similar puffed rice breakfast cereals. for both companies, thecost of producing a box of cereal is 45 cents, and it is not possible for either company to lower their productioncosts any further. how can one company achieve a competitive advantage over the other?
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In year 1, Heron Corp. has depreciation expense for income statement purposes of $10,000. The deprec...
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