Question

On your review of the books and records of Ridge Corporation, you note the following information pertaining to its tax provision:
Net income per books.............. $525,400
Book income tax expense........... 234,600
Dividends received deduction ........... 70,000
Capital gains ................ 50,000
Capital losses .................. (60,000)
MACRS depreciation.............. 80,000
Book depreciation.............. 65,000
a. Calculate Ridge’s taxable income and Federal income tax liability for the year.
b. Calculate Ridge’s deferred income tax liability.


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  • CreatedMay 25, 2015
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