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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Suppose that an investor opens an account by investing $1,000. At the beginning of each of...

Finance
Q

A normal expiration during quiet breathing: Select one: a. is an active process involving muscle contraction. b. occurs...

Medical Sciences
Q

Which of the following statements is most likely true of a protein that cotransports glucose...

Biology
Q

Determine the degree of the Maclaurin polynomial required for the error in the approximation of...

Basic Math
Q

The following integral represents the volume of a solid of revolution Describe the solid 5...

Calculus
Q

Enter the expression which represents In k 2 In 7r as a single logarithm 1...

Calculus
Q

On December 31, 2023, Jen & Mink Clothing (J&M) performed the inventory count and determined...

Accounting
Q

What process is used to assign costs in an ABC system? Provide numerical example?

Accounting
Q

You must prepare a return on investment analysis for the regional manager of Fast &...

Accounting
Q

Hard Hat Company is in the process of purchasing several large pieces of equipment from...

Accounting
Q

thanks in advance please provide answer as early as possible why is it...

Accounting
Q

The balance sheet for Shaver Corporation reported the following: cash, $14,000; short-term investments, $19,000; net...

Accounting