In Its First Four Years of Operations Peridot Jewelers Reported

question 10

Multiple Choice

In its first four years of operations Peridot Jewelers reported the following operating income (loss) amounts: There were no other deferred income taxes in any year. In 2012, Peridot elected to carry back its operating loss. The enacted income tax rate was 40%. In its 2013 income statement, what amount should Peridot report as current income tax payable?

• A)$80,000.
• B)$110,000.
• C)$170,000.
• D)$180,000.

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Definitions:

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