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spin [16.1K]
3 years ago
5

Smith Company reported $350,000 in book income before income tax during 20X1, its first year of operation. The tax depreciation

exceeded its book depreciation by $30,000. The tax rate for 20X1 and all future years was 21%. If Smith paid no estimated taxes, what amount of income tax payable should Smith report in its December 31, 20X1, balance sheet
Business
1 answer:
Sloan [31]3 years ago
7 0

Answer:

$73,500

Explanation:

Income tax payable = Book income before income tax*Tax rate

Income tax payable = $350,000*21%

Income tax payable = $73,500

Therefore, the amount of income tax payable that Smith should report in its December 31, 20X1, balance sheet is $73,500

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