PLC Company reported $400,000 in income tax expense for the year under the accrual method. Its balance

Question:

PLC Company reported $400,000 in income tax expense for the year under the accrual method. Its balance sheet reported an overall increase in deferred income tax liability of $10,000 and a decrease in income tax payable of $15,000.

Required:

How much would PLC report as income tax expense had it used the taxes payable method?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting Volume 2

ISBN: 9780135220498

4th Edition

Authors: Kin Lo, George Fisher

See More Books

Question Posted: Nov 03, 2022 01:13 AM

See More Questions

Graczyk Company reports income tax expense for the year of 11,600 and a deferred tax liability of $1,600. The amount of taxes paid or payable for the current year are a). $13,200. b). $11,600. c)....
A firm has interest expense for the year of $400 and cash flow to creditors of negative $250 (CFC = -$250). The firm paid off $100 of old debt over the year. How much must it have borrowed over the...
A project has a life of 10 years and a payback period of 10 years. What must be true of project NPV?
In Exercises 1138, use the given conditions to write an equation for each line in point-slope form and slope-intercept form. Slope = -5, passing through (-4, -2)
Discuss the of kinds information that you need to assess the validity of a measure.
Judging on the basis of experience, a politician claims that 50% of voters in Pennsylvania have voted for an independent candidate in past elections. Suppose you surveyed 20 randomly selected people...
3.Value of the project to the contractor. There may be situations in which the contractor is willing to live with a tight or low price. For example, if the contractor has few other projects, it may...
Flaherty Accounting Services pays $2,000 per month for a tax software license. In addition, variable charges incurred average $9 for every tax return the firm prepares. a. Determine the total cost...
Please write dwon what each statement debit (DR) and credit (CR) for 1.Sell a products or services on account 2. Pay a payble 3.Collect a receivable 4.recognize COGS expense 5.recogniza but not pay...
Draw a decision tree for the problem of deciding whether to move forward at a road intersection, given that the light has just turned green.
Earlton Inc. began operations in 2019. Due to the untimely death of its founder, Earl Davies, the company was wound up in 2021. The following table provides information on Earltons income over the...
A company facing a 25% tax rate has calculated its taxable income for the year to be $2,400,000. It made installment payments during the year totalling $650,000; this amount has been recorded in an...
A particular natural gas consists, in mole percents, of 83.0% CH 4 , 11.2% C 2 H 6 , and 5.8% C 3 H 8 . A 385 L sample of this gas, measured at 22.6 C and 739 mmHg, is burned at constant pressure in...
If f ( x ) = - 6 x ^ 2 sin ( 3 x ) + 4 x cos ( 3 x ) what if f ' ( x ) ?
What is deformation?
What is a switched capacitor circuit?How do we design a switched capacitor circuit?
What is meant by wavelet fault diagnosis of an induction motor?
How do we design an electromagnetic relay?
During Year 6, Shelby Enterprises earned $115,000 of cash revenue. The company incurs all operating expenses on account. The Year 6 beginning balance in Shelbys accounts payable account was $25,000...
The Ferris wheel in the figure has a radius of 68 feet. The clearance between the wheel and the ground is 14 feet. The rectangular coordinate system shown has its origin on the ground directly below...
In its first year of operations, Martha Enterprises Corp. reported the following information: a. Income before income taxes was $620,000. b. The company acquired capital assets costing $1,800,000;...
Martin Ltd., in the first year of its operations, reported the following information regarding its operations: a. Earnings before tax for the year was $2,500,000 and the tax rate was 38%. b....
Marsh Corp. reported a deferred tax asset of $24,000 in 20X2, caused by a warranty liability of $80,000. The tax rate was 30%. In 20X3, accounting earnings were $200,000, warranty claims paid were...
Mediocre Company has sales of $120,000, fixed expenses of $24,000, and a net income of $12,000. If sales rose 10%, the new net income would be: Question 18 options: $16,800 $36,000 $13,200 $15,600
1. Why might managers of small restaurants decide not to adopt the standard work hour approach to controlling labour cost? (minimum 150 words )
Which statement is true regarding the U.S. GAAP impairment test for limited life intangibles? A. U.S. GAAP impairment is likely to be greater than IFRS impairment. B. The impairment test for limited...

PLC Company reported $400,000 in income tax expense for the year under the accrual method. Its balance

Question:

Step by Step Answer:

The taxes payable method would report income tax expens...View the full answer

Intermediate Accounting Volume 2

Students also viewed these Business questions