In 2021, the company accrued wages payable $78,000 and will make the payment in 2022....
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Accounting
In 2021, the company accrued wages payable $78,000 and will make the payment in 2022.
Taxable income for 2021 is $713,000, the enacted tax rate is 20% for all years, this is the only difference between pretax financial income and taxable income, and there were no deferred taxes at the beginning of 2021.
What amount of income tax expense should the company report at the end of 2021?
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