Refer to the data in Practice 16-1. Those data are for Year 1. In Year 2, the
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Refer to the data in Practice 16-1. Those data are for Year 1. In Year 2, the company had sales for the year of $100,000 but collected $130,000 in cash-all of the cash for the sales for Year 2 plus the unpaid $30,000 for sales made in Year 1. The tax rate in Year 2 is still 25%. Make all journal entries necessary to record income tax expense for Year 2.
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Sales 100000 Income tax expense Current 130000 025 32500 Deferred 30000 025 7500 Total inc...View the full answer
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I did Master of Commerce in year 2009 and completed ACCA (Association of Chartered Certified Accountants) in year 2013. I have 10 years of practical experience inclusive of teaching and industry. Currently i am working in a multinational company as finance manager and serving as part time teacher in a university. I have been doing tutoring via many sites. I am very strong at solving numerical / theoretical scenario-based questions.
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