In its first four years of operations Peridot Jewelers reported the following operating income (loss) amounts:

2008       $150,000

2009       100,000

2010       (425,000)

2011       450,000

There were no other deferred income taxes in any year. In 2010, Peridot elected to carry back its operating loss. The enacted income tax rate was 40%. In its 2011 income statement, what amount should Peridot report as current income tax payable?

Answer rating: 100% (QA)

Answer Current Income tax payable 110000 Net operation Loss NOL Carryback and carry forward NOL Car... View the full answer