Income tax payable for its first year of operations, Accounting Basics

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Income tax payable for its first year of operations

For its first year of operations Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:

Tringali's tax rate is 40%. Assume that no estimated taxes have been paid.

What should Tringali report as income tax payable for its first year of operations?

A. $120,000.

B. $114,000.

C. $106,000.

D. $8,000.

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Accounting Basics: Income tax payable for its first year of operations

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Accounting Basics: Income tax payable for its first year of operations

Reference No:- TGS079284

Have a Question? (oR Write a Review)

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Accounting Basics: Income tax payable for its first year of operations

Reference No:- TGS079284

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