In its first three years of operations Sharp Chairs reported the following operating income (loss)amounts:
There were no deferred income taxes in any year.In 2015,Sharp elected to carry back its operating loss.The enacted income tax rate was 35% in 2014 and 40% thereafter.In its 2016 balance sheet,what amount should Sharp report as current income tax payable?

Question

In its first three years of operations Sharp Chairs reported the following operating income (loss)amounts: 
There were no deferred income taxes in any year.In 2015,Sharp elected to carry back its operating loss.The enacted income tax rate was 35% in 2014 and 40% thereafter.In its 2016 balance sheet,what amount should Sharp report as current income tax payable?

Quizplus · Accepted Answer

The Answer of In its first three years of operations Sharp Chairs reported the following operating income (loss)amounts: 
There were no deferred income taxes in any year.In 2015,Sharp elected to carry back its operating loss.The enacted income tax rate was 35% in 2014 and 40% thereafter.In its 2016 balance sheet,what amount should Sharp report as current income tax payable?

In Its First Three Years of Operations Sharp Chairs Reported