EBK ADVANCED FINANCIAL ACCOUNTING
12th Edition
ISBN: 9781260165104
Author: Christensen
Publisher: YUZU
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Chapter 13, Problem 13.6.2E
To determine
Introduction: Income tax is a mandatory tax which is paid by the individual of the country on its income of the financial year. It is to be paid to government and is calculated as per income tax laws. Every individual or business is bound to pay income tax on its income generated during the fiscal year. Also it has to file the return i.e. income tax returns yearly as per the laws.
Interim reporting: Interim reporting is made in between the fiscal year. It is made before the completion of fiscal year in mostly public corporation for taking various decisions for the remaining period. Mostly quarterly and half yearly report is prepared.
To choose: The correct answer.
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N1.
Account
Domestic
Brush Company has the following income before income tax and
estimated effective annual income tax rates for the first three
quarters of 2019.
Quarter
Income before income Estimated
Effective Tax
Tax provision
rate
7 st
120,000
12
2nd
130,000
10
3rd
140,000
14
Required:
What should be Brush company estimated income for "First"
quarter income statement?
Select one:
a. $54,600
b. None of the other points
c. $39,000
Od. $46,800
%24
Chapter 13 Solutions
EBK ADVANCED FINANCIAL ACCOUNTING
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