In 2011, Shafali Corporation had accounting income of $248,000 and taxable income of $198,000. The differ ence

Question:

In 2011, Shafali had accounting income of $248,000 and taxable income of $198,000. The differ ence is due to the use of different depreciation methods for tax and accounting purposes. The tax rate is 40%. Calculate the amount to be reported as income taxes payable at December 31, 2011.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...