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

Describe, using real life examples, observational learning.

Psychology
Q

Why is evaluation so hard to accomplish in training and development, and what strategies can be...

Operations Management
Q

Two slits and 2 on the x axis and symmetric with respect to y axis...

Physics
Q

Go to Ove Pleas Sec QNO 11 Correct Answer 4 Status unattempted Full Paper 2...

Physics
Q

or each Figure 1 State which you would use to set up your proportions a...

Geometry
Q

2 Given DV 1 TU Is ADVT ADVU T D V U

Geometry
Q

perpetuity interest rate 2 2 calculation The Idealistic Insurance Company offers a perpetuity which pays...

Statistics
Q

pt Consider the function P x x 7 x 4 The y intercept is the...

Algebra
Q

t R be the region bounded by the graph of y Find the area of...

Algebra
Q

Exercise 14-3(Algo) Internal Rate of Return [L014-3] Wendell's Donut Shoppe is investigating the...

Accounting
Q

If (holding all else equal) the interest rate that investors expect on one-year instruments next...

Finance
Q

Chester has negotiated a new labor contract for the next round that will affect the...

Finance