Question: 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

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 balance sheet at December 31, 2011? How much income tax expense did Saglio report on its 2011 income statement?

Step by Step Solution

★★★★★

3.36 Rating (177 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

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

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

196-B-A-L (2259).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

At December 31, 2010, Souza Real Estate reported a current liability for income tax payable of $180,000. During 2011, Souza earned income of $1,200,000 before income tax. The companys income tax rate...

At December 31, 2012, McKinley Real Estate reported a current liability for income tax payable of $210,000. During 2013, McKinley earned income of $1,600,000 before income tax. The companys income...

At December 31, 2014, Bracken Real Estate reported a current liability for income tax payable of $75,000. During 2015, Bracken earned income of $680,000 before income tax. The companys income tax...

At December 31, 2014, Branson Real Estate reported a current liability for income tax payable of $105,000. During 2015, Branson earned income of $1,040,000 before income tax. The companys income tax...

At December 31, 2012, Olsen Real Estate reported a current liability for income tax payable of $150,000. During 2013, Olsen earned income of $900,000 before income tax. The companys income tax rate...

At December 31, 2016, Hawley Real Estate reported a current liability for income tax payable of $78,000. During 2017, Hawley earned income of $650,000 before income tax. The company's income tax rate...

At December 31, 2014. Souza Real Estate reported a cu en liabilit for income tax payable of S76.000. During 2015 Souza earned income of S640 000 before income tax. The company's income tax rate...

http://media.pearsoncmg.com/pls/products/coco/accounting_2/1256899836/assignments/pdfs/2009_amazon_financial_statement.pdf The link is for the 2009 Amazon Financial statement for the last questions...

The PDF is simply just for the last questions on Assignment 1.2.doc 97999_25_AppA_p01-42 11/30/10 8:56 AM Page A-1 Appendix A http://media.corporate-ir.net/media_files/irol/97/97664/2007AR.pdf...

Melodic Musical Sales, Inc. Melodic Musical Sales, Inc. is located at 5500 Fourth Avenue, City, ST 98765. The corporation uses the calendar year and accrual basis for both book and tax purposes. It...

Suppose Consumer Reports would like to investigate the relationship between the battery life (in hours) and the screen size (in diagonal inches) of a laptop computer. The following table shows a...

7 / 2x 5 / 6 = 1 / 3 + 3 / 4x Simplify the expression or solve the equation, as appropriate.

In the last few years which insurance product / plan has increased the fastest: Indemnity High Deductible PPO HMO POSIn the last few years which insurance product / plan has increased the fastest:...

Feinan Sports, Inc., manufactures sporting equipment, including weight-lifting gloves. A national sporting goods chain recently submitted a special order for 4,600 pairs of weight-lifting gloves....

George has $5000 to invest in a mutual fund. The expected return on mutual fund A is 15% and the expected return on mutual fund B is 10%. Should George pick mutual fund A or fund B?

Refer to Problem 15.22. After some detailed polling among the 60, four types of eaters were identified: two types of light eaters and two types of heavy eaters. The consumption patterns for each...

Consider the following problem. Minimize W = 5y1 + 4y2, Subject to and y1 ¥ 0, y2 ¥ 0. Because this primal problem has more functional constraints than variables, suppose that the simplex...

The post-closing trial balance of Storey Corporation at December 31, 2014, contains the following stockholders equity accounts. Preferred Stock (15,000 shares issued) .......... $ 750,000 Common...

How do you train assessors and what level of on- going training occurs to ensure rater consistency? All crew promoted to supervisory rank have to attend a one-day appraisal workshop where they are...

Gwyn Wallander is the new owner of Bennett Co. She has heard about internal control but is not clear about its importance for her business. Explain to Gwyn the four purposes of internal control, and...

The internal control procedures in Phillips Company make the following provisions. Identify the principles of internal control that are being followed in each case. (a) Employees who have physical...

Aldstadt Company has the following internal control procedures over cash receipts. Identify the internal control principle that is applicable to each procedure. (a) All over-the-counter receipts are...

When Patrick died he owned a $3,000,000 residence with his spouse, Patricia, as tenants by the entirety. His spouse, Patricia, paid all of the original $2,250,000 cost to purchase the home. Patrick...

1. Which of the following statements is CORRECT? a. If you add enough randomly selected stocks to a portfolio, you can completely eliminate all of the market risk from the portfolio. b. If you were...

Kenny, Inc., is looking at setting up a new manufacturing plant in South Park. The company bought some land six years ago for $8.6 million in anticipation of using it as a warehouse and distribution...