A company is preparing its financial statements for the year ending 31 March 2020. The initial trial balance has the following figures relating to tax   Income tax payable at 1 April 2019 £25,325 Icome tax paid during the year ended 31 March 2020 £15,225   The estimated income tax liability for the year ended 31 March 2020 is £16,650. What is the income tax figure for inclusion in the company's statement of profit or loss for the year ended 31 March 2020?

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 9MC: Brooks Company reported a prior period adjustment of 512,000 in pretax financial "income" and...
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A company is preparing its financial statements for the year ending 31 March 2020. The initial trial balance has the following figures relating to tax

 

Income tax payable at 1 April 2019 £25,325

Icome tax paid during the year ended 31 March 2020 £15,225

 

The estimated income tax liability for the year ended 31 March 2020 is £16,650. What is the income tax figure for inclusion in the company's statement of profit or loss for the year ended 31 March 2020?

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