What would be the balance in income tax payable at the end of the year? 

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What would be the balance in income tax payable at the end of the year?

 Listed below are account balances (in $millions) taken from the records of Symphony Stores. All of these are permanent accounts, except the last two that have yet to be closed. The installment receivables are current. Symphony uses a perpetual inventory system.

https://my.pennfoster.com/exams/images/061500NR_Q16-19.gif

What would Symphony report as total current assets?
 

[removed]A. $843
[removed]B. $838
[removed]C. $1,696
[removed]D. $823

 

 

25.   In its first year of operations Acme Corp. had income before tax of $400,000. Acme made income tax payments totaling $150,000 during the year and has an income tax rate of 40%. What would be the balance in income tax payable at the end of the year?
 

[removed]A. $10,000 debit.
[removed]B. $150,000 credit.
[removed]C. $160,000 credit.
[removed]D. $10,000 credit
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