Accounting for income tax [5-10 min]
Hoxey Flowers had income before income tax of $70,000 and taxable income of $60,000 for 2012, the company’s first year of operations. The income tax rate is 30%.
Requirements
1. Make the entry to record Hoxey’s income taxes for 2012.
2. Show what Hoxey’s will report on its 2012 income statement, starting with income before income tax.
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