Provincial Inc. reported the following before-tax income statement items: Operating income $ 600,000 Nonoperating losses (82,000...
Provincial Inc. reported the following before-tax income statement items:
| Operating income | $ 600,000 |
| Nonoperating losses | (82,000 ) |
Provincial has a 25% income tax rate.
Provincial would report the following amount of income tax expense as a separately stated line item in the income statement:
| $129,500. |
| $20,500. |
| $14,250. |
| $143,750. |
Homework Answers
Income before tax = Operating income - non operating losses
= $600000-82000
= $518000
Income tax expense = 518000*25% = $129500
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Provincial Inc. reported the following before-tax income
statement items:
Operating income
$ 600,000
Nonoperating losses
(82,000...
Provincial Inc. reported the following before-tax income statement items: Operating income $ 510,000 Loss on discontinued...
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Freda's Florist reported the following before-tax income statement items for the year ended December 31, 2021: Operating income $ 200,000 Income on discontinued operations 80,000 All income statement items are subject to a 25% income tax rate. In its 2021 income statement, Freda's separately stated income tax expense and total income tax expense would be: $70,000 and $70,000, respectively. O $50,000 and $50,000, respectivelyn $50,000 and $70,000, respectively. $70,000 and $50,000, respectively.
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