Can somebody please help with solving this problem?
ABC Corp Prepares Quarterly interim reports. The following info was taken from their financial records For the Quarter Ended 06‐30‐2014
Info Expected Income from continuing operations 300,000
Permanent Differences
Pollution Fines 10,000 Life Insurance Premiums paid on Owners 5,000
Combined Fed & State tax rate
Federal Rate 30%
State Rate 10%
Anticipated Business Tax Credits 22,000
Actual YTD Income thru Quarter 2 200,000
Qtr 1 provision for income taxes 12,000
Qtr 2 Temporary Tax Timing Difference (Net Future Taxable Amt) 8,000
Required: 1. Calculate the Effective Tax rate
2. Calculate the provision for incomes taxes for Qtr. 2
3. Prepare the journal entry to record income tax expense for Qtr. 2
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Posted 22 May 2017 09:05 AM
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