Homework Help is Here – Start Your Trial Now!
Business
Accounting
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to axable income is as follows: $ 200,000 (15,800) 184,200 Temporary difference-depreciation (20,600) Taxable income $ 163,600 Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as income tax payable for its first year of operations? Pretax accounting income Permanent difference O $46,050. O $5150. $50,000. $40,900.

For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to axable income is as follows: $ 200,000 (15,800) 184,200 Temporary difference-depreciation (20,600) Taxable income $ 163,600 Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as income tax payable for its first year of operations? Pretax accounting income Permanent difference O $46,050. O $5150. $50,000. $40,900.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Sh10

Please help me 

Solution 

Thankyou. 

For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to axable income is as follows: $ 200,000 (15,800) 184,200 Temporary difference-depreciation (20,600) Taxable income $ 163,600 Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as income tax payable for its first year of operations? Pretax accounting income Permanent difference O $46,050. O $5150. O $50,000. $40,900.
Transcribed Image Text:For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to axable income is as follows: $ 200,000 (15,800) 184,200 Temporary difference-depreciation (20,600) Taxable income $ 163,600 Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as income tax payable for its first year of operations? Pretax accounting income Permanent difference O $46,050. O $5150. O $50,000. $40,900.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS