Solution-What tringali report as its deferred income tax

What tringali report as its deferred income tax liability

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Reference no: EM133029798

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

Pretax accounting income $260,000

Permanent difference (15,600) 244,400

Temporary difference-depreciation (20,700)

Taxable income $223,700

Tringali's tax rate is 25%. Assume that no estimated taxes have been paid.

What should Tringali report as its deferred income tax liability as of the end of its first year of operations?

Reference no: EM133029798

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What tringali report as its deferred income tax liability

Reference no: EM133029798

Reference no: EM133029798

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