Please review the Income Statement items per GAAP books and answer the question pertaining tothe Income Statement.Income Items:Gross Revenue from Operations - $250,000Life Insurance Proceeds - $50,000Expense Items:Life Insurance Premiums Paid - $5,000Repairs & Maintenance - $50,000Advertising - $25,000Fines & Penalties Paid - $10,000What is my Net Income per GAAP books?$210,000O $350,000O $250,000$150,000

Income statement represents the net income or net loss calculated by deducting the expenses from the…

Answered: Please review the Income Statement…

Please review the Income Statement items per GAAP books and answer the question pertaining to the Income Statement. Income Items:

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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Required information [The following information applies to the questions displayed below.] Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $918 774 $144 $126 2025 $ 1,010 830 $ 180 $ 214 a. Expenses each year include $36 million from a two-year casualty insurance policy purchased in 2024 for $72 million. The cost is tax deductible in 2024. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $37 million and $53 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $31 million ($14 million collected in 2023 but not recognized as revenue until 2024) and $37 million, respectively. Hint. View this as two temporary differences-one reversing in…