Grand Island Company (GIC) has a taxation year that ends on December 31 the year ending December 31, the company's accounting statements showed a Net Income of $628,000. The following information has been supplied to the clerk by the tax accountant just before he went away on Christmas vacation. The clerk is unsure what to do with the information and has come to you for assistance. Please help out the clerk by filling in the blanks following the statement on whether you would add, deduct, N/A and in the second blank the dollar amount. If N/A is your choice then enter 0 for the $ amount; do not leave the space blank. Do not use commas or additional dollar signs in your answer A total of $87,000 was deducted as income tax expense. Action to be taken: add, deduct, N/A Do not use commas or additional dollar signs in your answer deduct A and $ 87000

Grand Island Company (GIC) has a taxation year that ends on December 31 the year ending December 31, the company's accounting statements showed a Net Income of $628,000. The following information has been supplied to the clerk by the tax accountant just before he went away on Christmas vacation. The clerk is unsure what to do with the information and has come to you for assistance. Please help out the clerk by filling in the blanks following the statement on whether you would add, deduct, N/A and in the second blank the dollar amount. If N/A is your choice then enter 0 for the $ amount; do not leave the space blank. Do not use commas or additional dollar signs in your answer A total of $87,000 was deducted as income tax expense. Action to be taken: add, deduct, N/A Do not use commas or additional dollar signs in your answer deduct A and $ 87000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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I already have the values I just need someone to explain the calculations, such as what numbers are used to get the future values in each problem. Specifically how to multiply the annuities and interest rates to get the future values and for the last one explain how it is calculated with the interest after the annuity due stops
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