Bodner Corporation's Income Statement for the Year Ended December 31,2014,shows

question 66

Multiple Choice

Bodner Corporation's income statement for the year ended December 31,2014,shows pretax income of $1,000,000.The following items are treated differently on the tax return and in the accounting records: Assume that Bodner's tax rate for 2014 is 30 percent.What is the amount of income tax payable for 2014?

• A) $360,000
• B) $320,000
• C) $294,000
• D) $267,000

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Definitions:

Onscreen Journal

A digital record or interface where financial transactions are entered and stored electronically.

Template Name

The designated title given to a predefined format or structure used for documents, spreadsheets, or databases, aiding in standardizing the creation of new instances.

Reminder

A tool or alert designed to notify someone of an upcoming event, due date, or task.

Scheduled Transactions

Transactions that have been arranged to occur at a specific, predetermined time, such as automated bill payments or regular financial transfers.