ZMAN Company reported a taxable income of $400,000 for 2019. The cumulative taxable temporary differences on 1/1/2019 were $225,000 and on 31/12/2019 were $160,000. The tax rate is 40% for 2019 and 30% for future years. Based on the above information, the company’s accountant reported a pretax financial income of $560,000. Do you agree with the reported numbers

ZMAN Company reported a taxable income of $400,000 for 2019. The cumulative taxable temporary differences on 1/1/2019 were $225,000 and on 31/12/2019 were $160,000. The tax rate is 40% for 2019 and 30% for future years. Based on the above information, the company’s accountant reported a pretax financial income of $560,000. Do you agree with the reported numbers

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 14P

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