Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a company has pretax income of $250,000 for the ye

A company has pretax income of $250,000 for the year. Included in pretax income...

80.2K

Verified Solution

Question

Accounting

  1. A company has pretax income of $250,000 for the year. Included in pretax income are the following:
  • Warranty accrual of $50,000 of which none was actually paid.
  • CEO salary expense of $1,100,000 of which only $1,000,000 is deductible for U.S. income tax purposes. The remaining $100,000 will never be deductible.

Assuming the tax rate is 40% record the journal entries required by ASC 740 purposes to record the tax provision for the year.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

These are stressful days in general. Final exams coming up, a lot of studying to do,...

Statistics
Q

Given the following: Bucket volume of loader: 3.6 L m3 (loose cubic meters) Loader cycle: 0.42 min Truck capacity:...

Civil Engineering
Q

Any ideas or pointers to how i could draw or \"Trace\" these pathways? Trace the sensory pathway...

Medical Sciences
Q

Prove or provide a counterexample If f is T_C?T_U continuous, then f is T_U?T_C continuous. Where T_C...

Advance Math
Q

the ratio of lengths radii and Young s modulus of steel and brass wires in...

Physics
Q

Part II A graphing calculator may be used for this part However none of these...

Basic Math
Q

Solve the inequality Write your answer using interval notation 4 3 7x 31

Calculus
Q

11 In the following diagram OA a OB b and OC c Points P Q...

Calculus
Q

Identify the domain y 2 x 1 2 1 Select one O a x 20...

Algebra
Q

Kenworth Company uses a job-order costing system. Only three jobs-Job 105, Job 106, and Job...

Accounting
Q

EXHIBIT 14B-Lou Barlow, a divisional manager for Sage Company, has an opportunity to manufacture and...

Accounting
Q

Select an agriculture firm of your own choice and discuss the following: i. Type of...

Finance