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03-07-2021
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Waldman Corporation reported pretax accounting income of $100,000, but due to a permanent difference, taxable income is only $60,000. Assuming a tax rate of 25%, the income statement should report net income of: Multiple Choice $15,000 $25,000 $45,000 $85,000

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Ritmeks Ritmeks

06-07-2021

Answer:

$85,000

Explanation:

The pretax accounting income is $100,000

The taxable income is $60,000

Tax rate is 25%

Net income can be calculated as follows

100,000-(60,000 ×25/100)

= 100,000-60,000×0.25

= 100,000-15,000

=85,000

Net income is $85,000

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