Global,Inc.provides consulting services throughout the world.The company pays taxes to the nation where revenues are earned.Information about the company's taxes are presented below:
Required:
a.Using the information provided for Global,prepare the company's journal entry to record income taxes for 2012 and 2011.
b.Using the information provided for Global,determine the company's effective tax rate for 2012 and 2011.
Definitions:
Marginal Utilities
The additional satisfaction or utility gained from consuming one more unit of a good or service.
Consumption Bundle
A combination of various goods and services that an individual consumes over a given period.
Preferences
The subjective tastes and priorities of consumers, influencing their choices among different goods, services, or outcomes.
Income
The total sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings received over a certain period of time.
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