The following information relates to Top Choice Freightways for its first year of operations (data in millions
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The following information relates to Top Choice Freightways for its first year of operations (data in millions of dollars)
Pretax accounting income: $215
Pretax accounting income included:
Overweight fines (not deductıble for tax purposes): $5
Depreciation expense: $70
Depreciation in the tax return: $90
The applicable tax rate is 25%. There are no other temporary or permanent differences. Top Choice's net income (S in millions) is:
$164.5 million
$157.5 million
$160.0 million
$162.0 million
Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
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