About this document
Millie Co 2017 Tax Income Analysis by trilocksp Singh is a document available to read on EtoBox.
Millie Co completed its first year of operations on December 31, 2017. It reported pre-tax financial income of $400,000 for the year. However, for tax purposes some income and expenses have different treatment. $900,000 in contingent liabilities will be deductible in 2018 when paid, and $800,000 in sales will be taxed over 2018-2019 as installment sales are received. Millie also earned $38,000 in tax-exempt interest income. The tax rate for all years is 35%.
- Author
- trilocksp Singh
- Language
- EN