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g100num [7]
2 years ago
8

For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as foll

ows: Pretax accounting income $ 330,000 Permanent difference (15,800 ) 314,200 Temporary difference-depreciation (20,900 ) Taxable income $ 293,300 Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its deferred income tax liability as of the end of its first year of operations?
Business
1 answer:
ch4aika [34]2 years ago
3 0

Answer:

$5,225

Explanation:

Calculation for What should Tringali report as its deferred income tax liability as of the end of its first year of operations

Using this formula

Deferred income tax liability=Temporary difference-depreciation*Tringali's tax rate

Let plug in the formula

Deferred income tax liability= $20,900 * 25%.

Deferred income tax liability=$5,225

Therefore What Tringali should report as its deferred income tax liability as of the end of its first year of operations is $5,225

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