The Chance Company began operations in 2016 and, for that calendar year, reported an operating loss of $200,000. Due to sufficient verifiable positive evidence, no valuation allowance was established to reduce the deferred tax asset as of December 31, 2016. During 2017, Chance reported pretax accounting income of $375,000. Assuming an income tax rate of 35%, what should Chance record in 2017 as income tax payable at the end of 2017?
A. $0
B. $70,000
C. $61,250
D. $131,250
Answer: C
You might also like to view...
It is quite common for mainstream culture to modify symbols identified with "cutting edge" subcultures and present these to a larger audience
Such cultural products undergo a process of ________, by which their original meanings are transformed by outsiders. A) innovation B) transformation C) diffusion D) cooptation
With _____, data transmitted to computers from a telephone company's switching center remains digital throughout the entire transmission.
A. digital subscriber line B. dial-up connections C. normal landline telephone service D. cable modems
The Dividends account is normally closed by debiting it.
Answer the following statement true (T) or false (F)
A plea bargain serves the interests of society in all of the ways listed below, except
a. court time is saved. b. the expense of trial is saved. c. the prosecution might otherwise lose the case. d. bargained sentences usually are longer.