2023 At December 31 2012 McKinley Real Estate reported a current liability for income tax payable | Assignments Online
2023 At December 31 2012 McKinley Real Estate reported a current liability for income tax payable | Assignments Online
Assignments Online 2023 Business Finance
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 company’s income tax rate during 2013 was 36%. Also during 2013, McKinley paid income taxes of $350,000.
How much income tax payable did McKinley Real Estate report on its balance sheet at December 31, 2013? How much income tax expense did McKinley report on its 2013 income statement?
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