The Racing Company Had Taxable Income of $12,000 During 2014

question 64

Multiple Choice

The Racing Company had taxable income of $12,000 during 2014.Racing used accelerated depreciation for tax purposes ($3,400) and straight-line depreciation for accounting purposes ($2,000) .Assuming Racing had no other temporary differences,what would the company's pretax accounting income be for 2014?

• A) $1,400
• B) $6,600
• C) $13,400
• D) $17,400

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Definitions:

Gagnon

Refers to John Gagnon, a sociologist known for his work on sexual scripts which are societal norms and expectations regarding sexual behaviors.

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Individuals in their late teenage years to their early twenties, transitioning from adolescence to adulthood.

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