Clementi Corporation provided the following information for the current year 2022:Accounting income (pre-tax) in 2022 is $400 million.Installment Receivable at the end of 2022 equaled $20 million. and is expected to be collected equally in 2023 and 2024.Warranty Liability balance at the end of 2022 equaled $16 million and is expected to be paid equally in 2023 and 2024.The income tax rate is 20%.Clementi Corporation records income tax payable equal to: O $79.2 millionO $72.8 millionO $87.2 millionO $80.8 million.

Income tax is a tax which is paid by the individuals or organizations on the income earned by them…

Answered: llment Receivable at the end of 2022…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Clementi Corporation provided the following information for the current year 2022:

Accounting income (pre-tax) in 2022 is $400 million.
Installment Receivable at the end of 2022 equaled $20 million. and is expected to be collected equally in 2023 and 2024.
Warranty Liability balance at the end of 2022 equaled $16 million and is expected to be paid equally in 2023 and 2024.
The income tax rate is 20%.

Clementi Corporation records income tax payable equal to:

O $79.2 million

O $72.8 million

O $87.2 million

O $80.8 million.

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