Question

Continue with the results of Problem 33. Prepare the GAAP journal entries for Phillips’s year 1 income tax expense.
In problem Phillips, Inc., a cash basis C corporation, completes $100,000 in sales for year 1, but only $75,000 of this amount is collected during year 1. The remaining $25,000 from these sales is collected promptly during the first quarter of year 2. The applicable income tax rate for year 1 and thereafter is 30%. Compute Phillips’s year 1 current and deferred income tax expense.


$1.99
Sales1
Views244
Comments0
  • CreatedMay 25, 2015
  • Files Included
Post your question
5000