Sheridan corporation reports pretax financial income of $73,500 for 2025. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on th eincome statement by $17,600 2. Rent collected on the tax return is greater than rent recognized on the income statement by $19,900 3. Fines for pollution appear as an expense of $10,500 on the income statement Sheridan's tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2025. Compute taxable income and income taxes payable for 2025
Sheridan corporation reports pretax financial income of $73,500 for 2025. The following items cause taxable income to be different than pretax financial income.
1.
2. Rent collected on the tax return is greater than rent recognized on the income statement by $19,900
3. Fines for pollution appear as an expense of $10,500 on the income statement
Sheridan's tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no
Compute taxable income and income taxes payable for 2025
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