If a corporation’s tax return shows taxable income of $104,000 for Year 2 and a tax...

If a corporation’s tax return shows taxable income of $104,000 for Year 2 and a tax rate of 40%, how much will appear on the December 31, Year 2, balance sheet for “Income taxes payable” if the company has made estimated tax payments of $35,900 for Year 2?

Expert Solution


CALCULATION OF THE ESTIMATED TAX PAYABLE
AT THE YEAR 2 AS ON DECEMBER 31

Taxable Income	$ 1,04,000
Tax @ 40% =	$ 41,600


So Tax Payable liability =	$ 41,600
Less: Estimated Tax Payaments	$ 35,900
Balance need to pay in next year	$ 5,700


Answer = $ 5,700 will appear will appear on the December 31, Year 2, balance sheet for “Income taxes payable”

ekkarill92 answered 2 years ago

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