Business, 12.08.2021 21:10 marie1211

The following facts relate to Waterway Corporation. 1. Deferred tax liability, January 1, 2020, $48,400. 2. Deferred tax asset, January 1, 2020, $0. 3. Taxable income for 2020, $114,950. 4. Pretax financial income for 2020, $121,000. 5. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $290,400. 6. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $42,350. 7. Tax rate for all years, 20%. 8. The company is expected to operate profitably in the future. Compute income taxes payable for 2020. Income taxes payable $enter Income taxes payable in dollars

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The following facts relate to Waterway Corporation. 1. Deferred tax liability, January 1, 2020, $48,...

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