At December 31, 2010, Saglio Real Estate reported a current liability for income tax payable of $190,000.

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At December 31, 2010, Saglio Real Estate reported a current liability for income tax payable of $190,000. During 2011, Saglio earned income of $1,500,000 before income tax. The company’s income tax rate during 2011 was 25%. Also during 2011, Saglio paid income taxes of $300,000.
How much income tax payable did Saglio Real Estate report on its at December 31, 2011? How much income tax expense did Saglio report on its 2011 income statement?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

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Financial accounting

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8th Edition

Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas

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Question Posted: Dec 10, 2012 04:33 AM

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At December 31, 2010, Saglio Real Estate reported a current liability for income tax payable of $190,000.

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Saglios balance sheet at December 31 2011 reported Income tax payable ...View the full answer

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