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Recall from the SUA that corporate income tax pre-tax income, plus 25% of the next $25,000, remaining tax brackets are not listed here beca ledger account numbers for the journal entry a

Recall from the SUA that corporate income tax pre-tax income, plus 25% of the next $25,000, remaining tax brackets are not listed here beca ledger account numbers for the journal entry a

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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Federal Income Taxes closing entry: Recall from the SUA that corporate income tax rate brackets applicable to Waren for 2017 are: 15% of the first 50,000 of pre-tax income, plus 25% of the next $25,000, plus 34% of the next $25,000, plus 39% of the next $235,000. The remaining tax brackets are not listed here because they aren't applicable to Waren's level of pre-tax income. General ledger account numbers for the journal entry are: A/C #40700 (Federal Income Tax Expense) and A/C #20700 (Federal Income Taxes Payable). *what would 2017 pre-tax income be on the 2017 income statement? What would be the closing entry in Quickbooks and where would I pull the numbers for this question in quickbooks?
Transcribed Image Text:Federal Income Taxes closing entry: Recall from the SUA that corporate income tax rate brackets applicable to Waren for 2017 are: 15% of the first 50,000 of pre-tax income, plus 25% of the next $25,000, plus 34% of the next $25,000, plus 39% of the next $235,000. The remaining tax brackets are not listed here because they aren't applicable to Waren's level of pre-tax income. General ledger account numbers for the journal entry are: A/C #40700 (Federal Income Tax Expense) and A/C #20700 (Federal Income Taxes Payable). *what would 2017 pre-tax income be on the 2017 income statement? What would be the closing entry in Quickbooks and where would I pull the numbers for this question in quickbooks?
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