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Problem 14-26 (LO. 1, 4) Rubio, Inc., an accrual basis C corporation, reports the following amounts for the tax year. The applicable incon tax rate is 30% (combined Federal, state, and global). Book income, including the items below Interest income from City of Westerville bonds Bribes paid to Federal inspectors Liability for anticipated warranty costs (beginning of year) $80,000 10,000 17,000 20,000

Problem 14-26 (LO. 1, 4) Rubio, Inc., an accrual basis C corporation, reports the following amounts for the tax year. The applicable incon tax rate is 30% (combined Federal, state, and global). Book income, including the items below Interest income from City of Westerville bonds Bribes paid to Federal inspectors Liability for anticipated warranty costs (beginning of year) $80,000 10,000 17,000 20,000

FINANCIAL ACCOUNTING
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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Problem 14-26 (LO. 1, 4) Rubio, Inc., an accrual basis C corporation, reports the following amounts for the tax year. The applicable income tax rate is 30% (combined Federal, state, and global). Book income, including the items below Interest income from City of Westerville bonds Bribes paid to Federal inspectors Liability for anticipated warranty costs (beginning of year) Liability for anticipated warranty costs (end of year) $80,000 10,000 17,000 20,000 25,000 52,400 X. a. Rubio's income tax expense is $ 27,600 X, and GAAP income for the year is $ b. Select the appropriate computations as Microsoft Excel commands from below. MAX(0,(BOOK+NETDIFFS RATE))=CURRENT; DTA_11-DTA1231=DEFERRED; PROVISION=CURRENT-DEF
Transcribed Image Text:Problem 14-26 (LO. 1, 4) Rubio, Inc., an accrual basis C corporation, reports the following amounts for the tax year. The applicable income tax rate is 30% (combined Federal, state, and global). Book income, including the items below Interest income from City of Westerville bonds Bribes paid to Federal inspectors Liability for anticipated warranty costs (beginning of year) Liability for anticipated warranty costs (end of year) $80,000 10,000 17,000 20,000 25,000 52,400 X. a. Rubio's income tax expense is $ 27,600 X, and GAAP income for the year is $ b. Select the appropriate computations as Microsoft Excel commands from below. MAX(0,(BOOK+NETDIFFS RATE))=CURRENT; DTA_11-DTA1231=DEFERRED; PROVISION=CURRENT-DEF
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