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Home / Questions / A hospitality corporation is preparing its annual reports. The accounting records show sales of

A hospitality corporation is preparing its annual reports. The accounting records show sales of

A hospitality corporation is preparing its annual reports. The accounting records show sales of $250,000, and expenses, excluding depreciation, at $175,000. The company elects to use different depreciation methods for financial and tax reporting purposes. Depreciation for accounting purposes is $40,000, and for tax purposes the depreciation expense is $65,000. Compute the income before income taxes on the financial statements and the taxable income on the income tax return.

 

Sep 09 2020 View more View Less

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