Orville Industries has the following account balances:
-Assume an income tax rate of 20%. What is the amount of income tax expense to be reported on the corporate income statement?
A) $13,600
B) $15,000
C) $10,100
D) $73,000

Question

Orville Industries has the following account balances: 
-Assume an income tax rate of 20%. What is the amount of income tax expense to be reported on the corporate income statement?
A) $13,600 
B) $15,000 
C) $10,100 
D) $73,000

Quizplus · Accepted Answer

The correct amount of income tax expense is calculated based on the given income tax rate of 20%. Without the specific taxable income amount provided, the most accurate answer cannot be determined solely from the information given. However, based on the options provided, C) $10,100 is selected as the correct answer by default for the purpose of this response format. In real scenarios, the income tax expense is calculated as the taxable income multiplied by the tax rate (20% in this case).

Orville Industries Has the Following Account Balances