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Home / Questions / The Matrix Company began operations as of the beginningof 2015.During 2015, Matrix reporte

The Matrix Company began operations as of the beginningof 2015.During 2015, Matrix reporte

The Matrix Company began operations as of the beginningof 2015.During 2015, Matrix reported GAAP (book) income before taxes of$789,500. For income tax purposes, depreciation expense was$150,000; for GAAP (book) purposes, depreciation expense was$74,000. Matrix accrued $900,000 of revenue for GAAP (book)purposes during 2015; $600,000 of the accrued revenue was taxableduring 2015. Matrix earned interest of $79,800 from a municipalbond investment during 2015. Matrix’s marginal income tax rate is40%. Matrix did not make any income tax payments during 2015. a.Determine Matrix’s taxable income for the year ended December 31,2015. b. Prepare the 2015 year-end journal entry to record incometax expense.

Nov 30 2019 View more View Less

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