Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Multiple Choice Question 72 Oriole Company deducts insurance expense of $234000 for tax purposes in 2018, but the expense is not yet recognized for accounting

image text in transcribed

Multiple Choice Question 72 Oriole Company deducts insurance expense of $234000 for tax purposes in 2018, but the expense is not yet recognized for accounting purposes. In 2019, 2020, and 2021, no insurance expense will be deducted for tax purposes, but $80000 of insurance expense will be reported for accounting purposes in each of these years. Oriole Company has a tax rate of 40% and income taxes payable of $202000 at the end of 2018. There were no deferred taxes at the beginning of 2018 Assuming that income taxes payable for 2019 is $188000, the income tax expense for 2019 would be what amount? $220000 O $281600 $188000 O $156000 Click if you would like to Show Work for this question: Open Show Work

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

Accounting Principles Volume 2 Chapters 13 To 26

Authors: Jerry J. Weygandt

11th Edition

1118342070, 978-1118342077

More Books

Students also viewed these Accounting questions

Question

What global market-entry strategy did Mary Kay use in China? lPO05

Answered: 1 week ago

Question

4. How does eff ective listening diff er across listening goals?

Answered: 1 week ago