The income tax return excluded a revenue item of 10000, Ask an Expert

Accounting

A company's income statement reported total income of $80,000 during 2010. The income tax return excluded a revenue item of $10,000 (reported on income statement) because under tax laws the $10,000 would not be reported for tax purposes until 2011.

Create the journal entry to record the 2010 income tax expense assuming a 40 percent tax rate

View complete question

Taxation, Accounting

Category:- Taxation
Reference No.:- M9310096

Have any Question?Write your Review or question?

Related Questions in Taxation

1-several years ago courtney borrowed 100000 of recourse

1-Several years ago, Courtney borrowed $100,000 of recourse debt from the Friendly Local Bank and used it to buy some equipment to start up a business. Courtney's business results have been disappointing and she has not ...

Taxation law amp practice assignment -part 1 -on 1 july

Taxation Law & Practice Assignment - Part 1 - On 1 July 2016 Frank Lloyd commenced business as an architect. He operated as a sole proprietor from a converted garage at the rear of his residence. Much of his work consist ...

Question - in june 2016 tom had signed an agreement in

Question - In June 2016 Tom had signed an agreement in Sydney with XYZ Ltd to act as the company's plantation manager in Brunei until June 2018. At the time of signing the agreement, Tom was advised that it was possible ...

Tax policy is defined as which taxes the government chooses

Tax policy is defined as which taxes the government chooses to levy, in what amounts and on whom. Elements of this decision are based on both the amount needed to pay for expenditures as well as the effect taxes can have ...

Question 1ruby engineering pty ltd ruby was incorporated in

Question 1 Ruby Engineering Pty Ltd [Ruby] was incorporated in 1990 and produced engine components used in the Australian car industry. In 2016 the business and company assets were sold to Diamond Ltd. Under the terms of ...

Question 1for each of the following scenarios prepare dated

Question 1 For each of the following scenarios, prepare dated journal entries on the acquiring company's books for the investment from acquisition to disposal. Ignore income taxes. a) On March 1, 20X7, Rondeau Ltd., a pr ...

Question - corporate taxation please respond to the

Question - "Corporate Taxation" Please respond to the following: Analyze the significant rules concerning the manner in which corporations treat the dividends that they are paying. Based on your analysis, recommend at le ...

Taxation theory practice amp law assignment -question 1 -

Taxation Theory, Practice & Law Assignment - Question 1 - You are working as a tax consultant in Mayfield, NSW. Your client is an investor and antique collector. You have ascertained that she is not carrying on a busines ...

Questionan entity which is gst registered or which needs to

Question An entity which is GST registered (or which needs to be registered) needs to charge GST on its taxable supplies (s.9.70, A New Tax System (Goods and Services Tax) Act 1999 ("GSTA")). While some transactions may ...

Assignment - all answers must be supported with references

Assignment - All answers must be supported with references to relevant legislation, caselaw and/or tax rulings QUESTION 1 - Principles and Concepts Between April 1981 and May 2017, Simon Krupcheck held various managerial ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Taxation Expert