Havacis tax rate is 30 for all years and the company, Ask an Expert

Accounting

Havaci Company reports pretax financial income of $80,000 for 2012. The following items cause taxable income to be different than pretax financial income.

Depreciation on the tax return is greater than depreciation on the income statement by $16,000.

Rent collected on the tax return is greater than rent earned on the income statement by $27,000.

Fines for pollution appear as an expense of $11,000 on the income statement.

Havaci's tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2012.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M956408

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