A firm earned pretax GAAP income of $150 in its first year of business. The firm reported
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A firm earned pretax GAAP income of $150 in its first year of business. The firm reported $20 of accounts receivable at year-end because it did not collect $20 of sales in cash. The government has a 20% income tax rate and does not tax sales uncollected in cash. calculate the firm paid income taxes to the government in the current year.
Related Book For
Financial Accounting and Reporting a Global Perspective
ISBN: 978-1408076866
4th edition
Authors: Michel Lebas, Herve Stolowy, Yuan Ding
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