Gammell, Inc. reported net income of $40,000 for 2009. The income tax return excluded a revenue item of $3,000 (reported on the income statement) because under the tax laws the $3,000 would not be reported for tax purposes until 2010. Assuming a 35% income tax rate, this situation would cause a 2009 deferred tax amount of$3,000 (credit). $1,050 (credit). $1,050 (debit). $3,000 (debit).
We are a group of writers residing in the United States who have earned graduate degrees from prestigious universities. All we do is supply undergrad and graduate students across the country with 100% unique essay writing services.