The following facts relate to Krung Thep Corporation. Deferred tax liability, January 1, 2025, $20,000. Deferred tax asset, January 1, 2025, $0. Taxable income for 2025, $95,000. Pretax financial income for 2025, $200,000. Cumulative temporary difference at December 31, 2025, giving rise to future taxable amounts, $240,000. 6. Cumulative temporary difference at December 31, 2025, giving rise to future deductible amounts, $35,000. Tax rate for all years, 20%. The company is expected to operate profitably in the future. 1. 2. 3. 4. 5. 7. 8. (a) * Your answer is incorrect. Compute income taxes payable for 2025. Income taxes payable $ 160000
The following facts relate to Krung Thep Corporation. Deferred tax liability, January 1, 2025, $20,000. Deferred tax asset, January 1, 2025, $0. Taxable income for 2025, $95,000. Pretax financial income for 2025, $200,000. Cumulative temporary difference at December 31, 2025, giving rise to future taxable amounts, $240,000. 6. Cumulative temporary difference at December 31, 2025, giving rise to future deductible amounts, $35,000. Tax rate for all years, 20%. The company is expected to operate profitably in the future. 1. 2. 3. 4. 5. 7. 8. (a) * Your answer is incorrect. Compute income taxes payable for 2025. Income taxes payable $ 160000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following facts relate to Krung Thep Corporation.
Deferred tax liability, January 1, 2025, $20,000.
Deferred tax asset, January 1, 2025, $0.
Taxable income for 2025, $95,000.
Pretax financial income for 2025, $200,000.
5. Cumulative temporary difference at December 31, 2025, giving rise to future taxable amounts, $240,000.
6. Cumulative temporary difference at December 31, 2025, giving rise to future deductible amounts, $35,000.
Tax rate for all years, 20%.
The company is expected to operate profitably in the future.
1.
2.
3.
4.
7.
8.
(a)
* Your answer is incorrect.
Compute income taxes payable for 2025.
Income taxes payable
CA
160000
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