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According to Waller's principle of least interest
Accrued Warranty Expense
The estimated cost of repair, replacement, or restitution that a company expects to incur under its product warranties, recognized before the actual expenses occur.
Tax Deductible
Expenses that can be subtracted from gross income to reduce taxable income.
Income Tax Rate
The percentage at which an individual or corporation is taxed on their income, varying depending on income levels and jurisdictions.
Income Taxes Payable
The amount of income tax a company owes to the tax authorities but has not yet paid.
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