Inventive Corporation's income statement for the year ended December 31, 2011, shows pretax income of $300,000. The following items are treated differently on the tax return and in the accounting records:

Assume that Inventive's tax rate for 2011 is 40 percent. What is the current portion of Inventive's total income tax expense for 2011?

Question

Inventive Corporation's income statement for the year ended December 31, 2011, shows pretax income of $300,000. The following items are treated differently on the tax return and in the accounting records:

Assume that Inventive's tax rate for 2011 is 40 percent. What is the current portion of Inventive's total income tax expense for 2011?

Quizplus · Accepted Answer

The Answer of Inventive Corporation's income statement for the year ended December 31, 2011, shows pretax income of $300,000. The following items are treated differently on the tax return and in the accounting records:

Assume that Inventive's tax rate for 2011 is 40 percent. What is the current portion of Inventive's total income tax expense for 2011?

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