Determine the amount of total income tax expense


Response to the following problem:

Roth Inc. has a deferred tax liability of $68,000 at the beginning of 2015. At the end of 2015, it reports accounts receivable on the books at $90,000 and the tax basis at zero (its only temporary difference).

If the enacted tax rate is 34% for all periods, and income taxes payable for the period is $230,000, determine the amount of total income tax expense to report for 2015.

Solution Preview :

Prepared by a verified Expert
Taxation: Determine the amount of total income tax expense
Reference No:- TGS02123125

Now Priced at $20 (50% Discount)

Recommended (93%)

Rated (4.5/5)