During 2015,a Company Reported an Increase in the Deferred Tax

question 47

Multiple Choice

During 2015,a company reported an increase in the deferred tax liability account of $47,790,a decrease in the deferred tax asset account of $17,225,and an income tax liability as per the 2015 income tax return of $198,375.What is the income tax expense to be reported on the income statement for the year ending December 31,2015?

• A)$263,390
• B)$228,940
• C)$167,810
• D)$198,375

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Definitions:

Classical Economists

Early economic theorists, primarily in the 18th and 19th centuries, who focused on the role of free markets in promoting economic growth and believed in minimal government intervention.

Supply-Side Economists

Economists who believe that reducing tax rates and regulatory barriers to production are the best ways to increase economic growth.

Keynesians

Economists and theories following John Maynard Keynes, advocating for government intervention to manage economic cycles and promote full employment.

Economic Behaviorists

Researchers or economists who study the psychological, social, cognitive, and emotional factors influencing the economic decisions of individuals and institutions.