What amount should be reported as current tax expense for the current year? a. 2,250,000 b. 1,950,000 c. 1,050,000 d. 1,350,000 2. What amount should be reported as total income tax expense? a. 1,350,000 b. 1,950,000 c. 1,050,000 d. 2,250,000 3. What amount of income tax payable should be presented at year end?
What amount should be reported as current tax expense for the current year? a. 2,250,000 b. 1,950,000 c. 1,050,000 d. 1,350,000 2. What amount should be reported as total income tax expense? a. 1,350,000 b. 1,950,000 c. 1,050,000 d. 2,250,000 3. What amount of income tax payable should be presented at year end?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 4BCRQ
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Question
For the year ended December 31, year 1, Tyre Co. reported pretax financial statement income of $7,500,000. Its taxable income was $6,500,000. The difference is due to accelerated
1. What amount should be reported as current tax expense for the current year?
a. 2,250,000
b. 1,950,000
c. 1,050,000
d. 1,350,000
2. What amount should be reported as total income tax expense?
a. 1,350,000
b. 1,950,000
c. 1,050,000
d. 2,250,000
3. What amount of income tax payable should be presented at year end?
a. 2,250,000
b. 1,350,000
c. 1,950,000
d. 1,050,000
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