Foxey Flowers had income before income tax of ($ 80,000) and taxable income of ($ 70,000) for

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Foxey Flowers had income before income tax of $\$ 80,000$ and taxable income of $\$ 70,000$ for 2007, the company's first year of operations. The income tax rate is $40 \%$.

1. Make the entry to record Foxey's income taxes for 2007.

2. Show what Foxey Flowers will report on its 2007 income statement, starting with income before income tax.

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Accounting

ISBN: 9780132439602

7th Edition

Authors: Charles T. Horngren, Walter T. Harrison

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Question Posted: May 11, 2024 11:02 PM

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Foxey Flowers had income before income tax of ($ 80,000) and taxable income of ($ 70,000) for

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Accounting

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