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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help with this question I believe its actually add 87000 but please confirm . and show how to calculate so that I know for future .
Transcribed Image Text:Grand Island Company (GIC) has a taxation year that ends on December 31st For
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
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