The Pilot Point Company Began Operations in 2010 And, for That

question 16

Multiple Choice

The Pilot Point Company began operations in 2010 and, for that calendar year, reported an operating loss of $230, 000.Due to sufficient verifiable positive evidence, no valuation allowance was established to reduce the deferred tax asset as of December 31, 2010.During 2011, Pilot Point reported pretax accounting income of $350, 000.Assuming an income tax rate of 30%, what should Pilot Point record in 2011 as income tax payable at the end of 2011?

• A)$ 0
• B)$ 36, 000
• C)$ 69, 000
• D)$105, 000

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A former policy of the U.S. military that allowed gay, lesbian, and bisexual persons to serve as long as they did not openly disclose their sexual orientation.

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