The following facts relate to Krung Thep Corporation. Deferred tax liability, January 1, 2025, $20,000. Deferred tax asset, January 1, 2025, $0. Taxable income for 2025, $95,000. Pretax financial income for 2025, $200,000. Cumulative temporary difference at December 31, 2025, giving rise to future taxable amounts, $240,000. 6. Cumulative temporary difference at December 31, 2025, giving rise to future deductible amounts, $35,000. Tax rate for all years, 20%. The company is expected to operate profitably in the future. 1. 2. 3. 4. 5. 7. 8. (a) * Your answer is incorrect. Compute income taxes payable for 2025. Income taxes payable $ 160000

The following facts relate to Krung Thep Corporation. Deferred tax liability, January 1, 2025, $20,000. Deferred tax asset, January 1, 2025, $0. Taxable income for 2025, $95,000. Pretax financial income for 2025, $200,000. Cumulative temporary difference at December 31, 2025, giving rise to future taxable amounts, $240,000. 6. Cumulative temporary difference at December 31, 2025, giving rise to future deductible amounts, $35,000. Tax rate for all years, 20%. The company is expected to operate profitably in the future. 1. 2. 3. 4. 5. 7. 8. (a) * Your answer is incorrect. Compute income taxes payable for 2025. Income taxes payable $ 160000

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 47P

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