.   Deferred tax liability, January 1, 2022, $0. 2.   Deferred tax asset, January 1, 2022, $0. 3.   Pretax financial income for 2022, $345,000. 4.   Cumulative temporary difference at December 31, 2022, giving rise to future taxable amounts, $205,500. 5.   Cumulative temporary difference at December 31, 2022, giving rise to future deductible amounts, $64,800. 6.   Tax rate for all years, 20%. 7.   The company is expected to operate profitably in the future. Determine the income taxes payable for 2022.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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1.   Deferred tax liability, January 1, 2022, $0.
2.   Deferred tax asset, January 1, 2022, $0.
3.   Pretax financial income for 2022, $345,000.
4.   Cumulative temporary difference at December 31, 2022, giving rise to future taxable amounts, $205,500.
5.   Cumulative temporary difference at December 31, 2022, giving rise to future deductible amounts, $64,800.
6.   Tax rate for all years, 20%.
7.  

The company is expected to operate profitably in the future.

Determine the income taxes payable for 2022.

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