Frey Corporation's income statement for the year ended December 31, 2011, shows pretax income of $1,000,000. The following items are treated differently on the tax return and in the accounting records:

Assume that Frey's tax rate for 2011 is 30 percent. What is the amount of income tax payable for 2011?

Question

Frey Corporation's income statement for the year ended December 31, 2011, shows pretax income of $1,000,000. The following items are treated differently on the tax return and in the accounting records:

Assume that Frey's tax rate for 2011 is 30 percent. What is the amount of income tax payable for 2011?

Quizplus · Accepted Answer

The Answer of Frey Corporation's income statement for the year ended December 31, 2011, shows pretax income of $1,000,000. The following items are treated differently on the tax return and in the accounting records:

Assume that Frey's tax rate for 2011 is 30 percent. What is the amount of income tax payable for 2011?

Frey Corporation's Income Statement for the Year Ended December 31