Southern Atlantic Distributors began operations in January 2024 and .pdf
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31 de Mar de 2023•0 recomendaciones•8 vistas
Southern Atlantic Distributors began operations in January 2024 and .pdf
31 de Mar de 2023•0 recomendaciones•8 vistas
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Southern Atlantic Distributors began operations in January 2024 and purchased a delivery truck for $40,000. Southern Atlantic plans to use straight-line depreciation over a four-year expected useful life for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2024, 30% in 2025, and 20% in 2026. Pretax accounting income for 2024 was $300,000, which includes interest revenue of $40,000 from municipal governmental bonds. The enacted tax rate is 25%. Assuming no differences between accounting income and taxable income other than those described above: Required: Complete the following table and prepare the journal entry to record income taxes in 2024. What is Southern Atlantics 2024 net income?.
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Southern Atlantic Distributors began operations in January 2024 and .pdf
- 1. Southern Atlantic Distributors began operations in January 2024 and purchased a delivery truck for $40,000. Southern Atlantic plans to use straight-line depreciation over a four-year expected useful life for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2024, 30% in 2025, and 20% in 2026. Pretax accounting income for 2024 was $300,000, which includes interest revenue of $40,000 from municipal governmental bonds. The enacted tax rate is 25%. Assuming no differences between accounting income and taxable income other than those described above: Required: Complete the following table and prepare the journal entry to record income taxes in 2024. What is Southern Atlantics 2024 net income?