Pharoah Corporation began 2025 with a $41,400 balance in the Deferred Tax Liability account. At the end of 2025, the related cumulative temporary difference amounts to $315,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2025 is $472,500, the tax rate for all years is 20%, and taxable income for 2025 is $364,500. (a) Your answer is incorrect. Compute income taxes payable for 2025. Income taxes payable $ 126000

Pharoah Corporation began 2025 with a $41,400 balance in the Deferred Tax Liability account. At the end of 2025, the related cumulative temporary difference amounts to $315,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2025 is $472,500, the tax rate for all years is 20%, and taxable income for 2025 is $364,500. (a) Your answer is incorrect. Compute income taxes payable for 2025. Income taxes payable $ 126000

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter26: Tax Practice And Ethics

Section: Chapter Questions

Problem 32P

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