Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in 2021, the company accrued wages payable $78,000

In 2021, the company accrued wages payable $78,000 and will make the payment in 2022....

80.2K

Verified Solution

Question

Accounting

In 2021, the company accrued wages payable $78,000 and will make the payment in 2022.

Taxable income for 2021 is $713,000, the enacted tax rate is 20% for all years, this is the only difference between pretax financial income and taxable income, and there were no deferred taxes at the beginning of 2021.

What amount of income tax expense should the company report at the end of 2021?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Fisk Corporation is trying to improve its inventory control system and has installed an online computer...

Statistics
1.2K views

Suppose the given country road has large defects which are distributed along its length according to...

Civil Engineering
1.2K views

Apple LLC decides that it is going to bid on some government work. All contractors must...

General Management
1.2K views

Comapny is APPLE, Inc Summarize the company. - Apple (who you are - Software developer) (Team you...

General Management
1.2K views

Personal Selling is an important technique used in the integrated marketing communications mix of a company....

Basic Math
1.2K views

9 Implied interest rate and period Consider the case of the following annuities and the...

Basic Math
1.2K views

Grace bought a television for $329 and some DVDs for $5.75 each. Write an equation...

Statistics
1.2K views

The amount of money spent weekly on cleaning maintenance and repairs at a large restaurant...

Calculus
1.2K views

1 point Find a function f x so that h x g f x given...

Accounting
1.2K views

Part C mullina hronal company. Discuss some of the factors that cause the capital structure...

Accounting
1.2K views

how to Indicate the effect each separate transaction has on investing cash flows. ...

Accounting
1.2K views

Given the choice of two investments, would you choose one that pays a total return...