please show workHomework Answers
The correct answer is $ 119917
Calculation and explanation
Income tax payable = taxable income × tax rate
= $ 324100 × 37 %
= $ 119917
Note
No tax will be paid for permanent difference as these are the difference on which tax will never be paid.
On temporary difference deferred tax liability will be created as tax on it will be paid in future.
So for the current year tax has to be paid on taxable income only.
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please show work For its first year of operations. Tringali Corporation's reconciliation of pretax accounting income...
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