Tringalis tax rate is 40. assume that no estimated taxes, Ask an Expert

Accounting

For its first year of operations Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:

Tringali's tax rate is 40%. Assume that no estimated taxes have been paid.

What should Tringali report as income tax payable for its first year of operations?

A. $120,000.

B. $114,000.

C. $106,000.

D. $8,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M979284

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