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 Management: Theory & Practice
16th Edition
ISBN:9781337909730
Author:Brigham
Publisher:Brigham
Chapter2: Financial Statements, Cash Flow,and Taxes
Section: Chapter Questions
Problem 15P: Use the following income statement of Elliott Game Theory Consulting to determine its net operating...
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