Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $340,000

image text in transcribed

For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income Permanent difference $340,000 (14,500) 325,500 (19,400) $306,100 Temporary difference-depreciation Taxable income 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? Multiple Choice $19,400. $33,900. O $8,475. $4,850

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Shariah Audit Framework A Case Study Of UAE Noor Takaful Operations

Authors: Abdussalam Ismail Onagun

1st Edition

3659644064, 978-3659644061

More Books

Students also viewed these Accounting questions