The income tax payable that a company reports on its balance sheet represents the amount that is owed to the governmental units.

Question

Quizplus · Accepted Answer

The income tax payable on a company's balance sheet represents the amount that the company owes to the governmental units, such as the IRS or state tax agency. This liability is recorded as a current liability on the balance sheet until it is paid.

The Income Tax Payable That a Company Reports on Its