Hoxey Flowers had income before income tax of $70,000 and taxable income of $60,000 for 2012, the

Question:

Hoxey Flowers had income before income tax of $70,000 and taxable income of $60,000 for 2012, the company’s first year of operations. The income tax rate is 30%.

Requirements

1. Make the entry to record Hoxey’s income taxes for 2012.

2. Show what Hoxey’s will report on its 2012 income statement, starting with income before income tax.

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Financial and Managerial Accounting

ISBN: 978-0132497978

3rd Edition

Authors: Horngren, Harrison, Oliver

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Question Posted: Dec 16, 2011 05:20 AM

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Hoxey Flowers had income before income tax of $70,000 and taxable income of $60,000 for 2012, the

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Req 1 Journal Entry DATE ACCOUNTS AND EXPLANATIONS POST REF DEBI...View the full answer

Financial and Managerial Accounting

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