Il income statement items are subject to a 25% income tax rate. In its 2021 income statement, Freda's separately stated income tax expense nd total income tax expense would be:
Il income statement items are subject to a 25% income tax rate. In its 2021 income statement, Freda's separately stated income tax expense nd total income tax expense would be:
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 4BCRQ
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Freda's Florist reported the following before-tax income statement items for the year ended December 31, 2021:
Operating income
Income on discontinued operations
$264,000
68,000
All income statement items are subject to a 25% income tax rate. In its 2021 income statement, Freda's separately stated income taxexpense
and total income tax expense would be:
Multiple Choice
$66.000 and $83.000, respectively
$83.000 and $83.000, respectively.
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