The books of the Tracker Company for the year ended December 31, 2011, showed pretax income of $360,000. In computing the taxable income for federal income tax purposes, the following timing differences were taken into account:

What should Tracker record as its current federal income tax liability at December 31, 2011, assuming a corporate income tax rate of 30 percent?

Question

The books of the Tracker Company for the year ended December 31, 2011, showed pretax income of $360,000. In computing the taxable income for federal income tax purposes, the following timing differences were taken into account:

What should Tracker record as its current federal income tax liability at December 31, 2011, assuming a corporate income tax rate of 30 percent?

Quizplus · Accepted Answer

The Answer of The books of the Tracker Company for the year ended December 31, 2011, showed pretax income of $360,000. In computing the taxable income for federal income tax purposes, the following timing differences were taken into account:

What should Tracker record as its current federal income tax liability at December 31, 2011, assuming a corporate income tax rate of 30 percent?

The Books of the Tracker Company for the Year Ended