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Problem #2 The following information pertains to Sheila Companies Income Statements: 2018 2019 2020 Revenue Salary Expense Depreciation Expense $200,000 75,000 10,000 $100,000 50,000 10,000 $150,000 50,000 10,000 Depreciation on Sheila's tax return is as follows: 2018 2019 2020 $15,000 8,000 7,000 Assume a tax rate of 30% in all years Calculate Sheila's Taxable Income, Income Before Tax and adjusting entry for 2018, 2019 and 2020. prepare the year end income tax

Problem #2 The following information pertains to Sheila Companies Income Statements: 2018 2019 2020 Revenue Salary Expense Depreciation Expense $200,000 75,000 10,000 $100,000 50,000 10,000 $150,000 50,000 10,000 Depreciation on Sheila's tax return is as follows: 2018 2019 2020 $15,000 8,000 7,000 Assume a tax rate of 30% in all years Calculate Sheila's Taxable Income, Income Before Tax and adjusting entry for 2018, 2019 and 2020. prepare the year end income tax

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Problem #2 The following information pertains to Sheila Companies Income Statements: 2018 $200,000 75,000 10,000 2019 $100,000 50,000 10,000 2020 $150,000 50,000 10,000 Revenue Salary Expense Depreciation Expense Depreciation on Sheila's tax return is as follows: 2018 2019 2020 $15,000 8,000 7,000 Assume a tax rate of 30% in all years Calculate Sheila's Taxable Income, Income Before Tax and prepare the year end income tax adjusting entry for 2018, 2019 and 2020.
Transcribed Image Text:Problem #2 The following information pertains to Sheila Companies Income Statements: 2018 $200,000 75,000 10,000 2019 $100,000 50,000 10,000 2020 $150,000 50,000 10,000 Revenue Salary Expense Depreciation Expense Depreciation on Sheila's tax return is as follows: 2018 2019 2020 $15,000 8,000 7,000 Assume a tax rate of 30% in all years Calculate Sheila's Taxable Income, Income Before Tax and prepare the year end income tax adjusting entry for 2018, 2019 and 2020.
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