For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income...
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For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $370,000 (15,200) Permanent difference 354,800 Temporary difference-depreciation (20,700) Taxable income $334,100 Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its income tax expense for its first year of operations? Multiple Cholce $92,500. $88,700. $83,525. $5,175. For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $370,000 (15,200) Permanent difference 354,800 Temporary difference-depreciation (20,700) Taxable income $334,100 Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its income tax expense for its first year of operations? Multiple Cholce $92,500. $88,700. $83,525. $5,175.
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The companys income tax expense should be calculated using the taxable income of 3056... View the full answer
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
Posted Date:
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