Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a company made $42,000 in installment sales in 202

A company made $42,000 in installment sales in 2021 and will receive payment from customers...

80.2K

Verified Solution

Question

Accounting

A company made $42,000 in installment sales in 2021 and will receive payment from customers in 2022-2025.

Taxable income for 2021 is $551,000, the enacted tax rate is 20% for all years, this is the only difference between pretax financial income and taxable income, and there were no deferred taxes at the beginning of 2021.

What amount of income tax expense should the company report at the end of 2021?

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1. (8pt) Consider the function f(x) = (x + 3)(x + 5)^2 √ (7 −...

Basic Math
Q

Why does the lean supply chain management strategy work better in some industries rather than others?

Operations Management
Q

0.25y''+1y=15cos(0.5t)-7sin(1.5t) Dole by method of undetermined Coefficient

Advance Math
Q

There are many diseases that do not infect a person more than once, such as...

Biology
Q

The difference betweena primary andsecondary structure ofan enzyme isA. a beta helixB. peptide bondingC. 3-D...

Biology
Q

Ernie deposited $4000 between two savings accounts. One account paid 4% simple interest and the...

Basic Math
Q

by the federal government Several groups disagree with this and would like to privatize the...

Statistics
Q

The Production Budget The management at Royal Company wants ending inventory to be equal to...

Accounting
Q

When using a tabular analysis to prepare financial statements, which column is used to prepare...

Accounting
Q

A comparative balance sheet and income statement is shown for Cruz, Incorporated. \table[[\table[[CRUZ, INCC],[Comparative]],ets...

Accounting
Q

You have recommended a $500,000 Universal Life policy with a Level Death Benefit plus Account...

Finance
Q

CCC Company's most recent income statement shows (in thousands of dollars) sales $2,000, interest payments...

Finance