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Ray Of Light [21]
3 years ago
11

The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): Pretax

accounting income: $ 195 Pretax accounting income included: Overweight fines (not deductible for tax purposes) 5 Depreciation expense 70 Depreciation in the tax return 110 The applicable tax rate is 25%. There are no other temporary or permanent differences. Which of the following must Franklin Freightways disclose related to the income tax expense reported in the income statement ($ in millions)? Multiple Choice Only the total tax expense of $50. Both the current portion of the tax expense of $40 and the deferred portion of the tax expense of $10. Only the current portion of tax expense of $40.
Business
1 answer:
Bumek [7]3 years ago
5 0

Answer: Both the current portion of the tax expense of $40 and the deferred portion of the tax expense of $10.

Explanation:

When calculating the net income on the income statement, both the current portion of the tax expense as well as the deferred portion should be included.

In this scenario that would lead to a net income of:

= Pretax accounting income - Current portion - Deferred portion

= 195 - 40 - 10

= $145

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