Question

Dunn Company’s 2014 income statement reported $90,000 income before provision for in- come taxes. To aid in the computation of the provision for federal income taxes, the following 2014 data are provided:
Rent received in advance $16,000
Income from tax-exempt municipal bonds 20,000
Depreciation deducted for income tax purposes in excess of depreciation reported for financial statement purposes 10,000
Enacted corporate income tax rate 35%

Required:
What amount of current federal income tax liability should Dunn report in its December 31, 2014, balance sheet?



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  • CreatedSeptember 10, 2014
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