FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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In Its first year (2021), Barsky Corporation made charitable contributions totaling $70,000. The corporation's taxable Income before any charitable contribution deduction was $250,000. In its second year (2022), Barsky made charitable contributions of $15,000 and earned taxable income before the contribution deduction of $300,000. Required: a. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its first year. Allowable charitable contribution deduction Final taxable income Allowable charitable contribution deduction Final taxable income S S $ $ Amount b. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its second year. 25,000 225,000 Amount 20,000 280,000
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Transcribed Image Text:In Its first year (2021), Barsky Corporation made charitable contributions totaling $70,000. The corporation's taxable Income before any charitable contribution deduction was $250,000. In its second year (2022), Barsky made charitable contributions of $15,000 and earned taxable income before the contribution deduction of $300,000. Required: a. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its first year. Allowable charitable contribution deduction Final taxable income Allowable charitable contribution deduction Final taxable income S S $ $ Amount b. Compute Barsky's allowable charitable contribution deduction and its final taxable income for its second year. 25,000 225,000 Amount 20,000 280,000
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