show your work UTS Co, reports pretax financial income of $77,000 for...
80.2K
Verified Solution
Link Copied!
Question
Accounting
show your work
UTS Co, reports pretax financial income of $77,000 for 2014. The following items cause taxable income to differ from pretax financial income Excess of tax depreciation over book depreciation, $14,000. Rent revenue on the tax return is greater than financial statement rent revenue by $21,000, Fines for pollution appears as an expense of $28,000 on the income statement. Other information: Tax rate for all years is 35%. - There are no deferred taxes at the beginning of 2014. Compute taxable income and income tax payable for 2014: Prepare the journal entry to record income tax expense, deferred income taxes and income taxes payable for 2014
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!
