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irina [24]
3 years ago
6

In its first year of operations Acme Corp. had income before tax of $400,000. Acme made income tax payments totaling $150,000 du

ring the year and has an income tax rate of 40%. What is the balance in income tax payable at the end of the year?
Business
1 answer:
sasho [114]3 years ago
8 0

Answer:

$10,000 (Credit balance)

Explanation:

Given that,

Income before tax = $400,000

Income tax payments during the year = $150,000

Income tax rate = 40 percent

Therefore,

The balance in income  tax payable at the end of the year:

= Tax liability - Income tax paid

= ($400,000 × 40%) - $150,000

= $160,000 - $150,000

= $10,000 (Credit balance)

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You are given the following information for O'Hara Marine Co.: sales = $75,500; costs = $35,200; addition to retained earnings =
pshichka [43]

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6 0
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<u><em>The correct option is (b)</em></u>

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