IDONTHAVEABRAIN
25.04.2020 •
Business
In the previous year, a firm failed to record premium amortization of $40,800 and $28,300, respectively, on its bonds payable and held to maturity bond investments. These errors affect both income before tax and taxable income. The firm's tax rate is 30%. As a result of this error, net income was:
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Ответ:
The correct answer is $8,750 ( Understated).
Explanation:
According to the scenario, the computation of the given data are as follows:
we can calculate the net income by using following formula:
Net income = Understated gain - Tax amount
Where, Understated gain = $40,800 - $28,300 = $12,500
So, Tax on $12,500 = $12,500 × 30% = $3,750
By putting the value, we get
Net income = $12,500 - $3,750
= $8,750 ( Understated)
Ответ:
C.
Explanation:
Its right on edu 2020