Use the Following to Answer Questions

question 2

Multiple Choice

Use the following to answer questions
For its first year of operations,Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:
Tringali's tax rate is 40%.Assume that no estimated taxes have been paid.
-What should Tringali report as income tax payable for its first year of operations?

• A)$120,000.
• B)$114,000.
• C)$106,000.
• D)$ 8,000.

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Definitions:

Transnational

Extending or operating across national boundaries, often used to describe companies, organizations, or activities that are not confined to a single country.

Foreign Subsidiaries

Entities that are owned or controlled by a parent company but are located in a different country.

Joint Ventures

Business arrangements in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task or business activity.

Corporate Codes

Guidelines and policies established by companies to govern behavior, ethics, and practices within their organizations.