Solved: At the end of the year shamrock co has pretax financial, Accounting Basics

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At the end of the year shamrock co has pretax financial

Question - How do you compute Income Taxes Payable?

At the end of the year, Shamrock Co. has pretax financial income of $538,000. Included in the $538,000 is $65,000 interest income on municipal bonds, $24,000 fine for dumping hazardous waste, and depreciation of $62,800. Depreciation for tax purposes is $47,100. Assuming the tax rate is 30% for all periods.

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Accounting Basics: At the end of the year shamrock co has pretax financial

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