At the end of 2022, its first year of operations, Zekany's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $ 210,000 Permanent difference (14,200 ) 195,800 Temporary difference-depreciation (19,100 ) Taxable income $ 176,700 Zekany's tax rate is 25%. No estimated taxes have been paid. What should Zekany report as income tax payable for 2022?
At the end of 2022, its first year of operations, Zekany's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $ 210,000 Permanent difference (14,200 ) 195,800 Temporary difference-depreciation (19,100 ) Taxable income $ 176,700 Zekany's tax rate is 25%. No estimated taxes have been paid. What should Zekany report as income tax payable for 2022?
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 4BCRQ
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At the end of 2022, its first year of operations, Zekany's reconciliation of pretax accounting income to taxable income is as follows:
| Pretax accounting income | $ | 210,000 | ||
| Permanent difference | (14,200 | ) | ||
| 195,800 | ||||
| Temporary difference-depreciation | (19,100 | ) | ||
| Taxable income | $ | 176,700 | ||
Zekany's tax rate is 25%. No estimated taxes have been paid.
What should Zekany report as income tax payable for 2022?
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