Answer:
directing
Explanation:
with directing you instruct your employees on what to do thus providing focus
A deposit is a sum of money placed or kept in a bank account, usually to gain interest
Answer:
Baltimore Inc.
a. Total taxable income = $47,200
b. Income tax payable = $11,800
c. Income tax expense = $11,250
d. Net income = $33,750
Explanation:
a) Data and Calculations:
GAAP determined pretax income = $45,000
Add nondeductible fines 5,000
Less exempt municipal interest revenue 2,800
Total taxable income $47,200
Income tax (25%) 11,800
Income tax expense:
GAAP determined pretax income = $45,000
Income tax (25%) 11,250
Net income $33,750
b) The differences between the GAAP determined pretax income and the tax determined taxable income are due to permanent differences (not temporary). This implies that there are no deferred tax assets and liabilities and no recoveries from deferred taxes. However, in reporting its financial performance for the year, Baltimore Inc. still has to comply with the GAAP rules and not the tax rules.
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