FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Baltimore inc reported pretax gaap income of $45,000 in 2020. The company determined it had deducted $5000 in nondeductible fines and added $2800 in tax exempt municipal interest revenue to Gaap income. Given a statutory tax rate of 25%, determine the taxable income, income tax payable, income tax expense, net income, and effective tax rate.
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