Answered: Il income statement items are subject…

Il income statement items are subject to a 25% income tax rate. In its 2021 income statement, Freda's separately stated income tax expense nd total income tax expense would be:

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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Freda's Florist reported the following before-tax income statement items for the year ended December 31, 2021:
Operating income
Income on discontinued operations
$264,000
68,000
All income statement items are subject to a 25% income tax rate. In its 2021 income statement, Freda's separately stated income taxexpense
and total income tax expense would be:
Multiple Choice
$66.000 and $83.000, respectively
$83.000 and $83.000, respectively.
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