In Its First Year of Operations Acme Corp

question 30

Multiple Choice

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 is the balance in income tax payable at the end of the year?

• A) $160,000 credit.
• B) $150,000 credit.
• C) $10,000 credit.
• D) $10,000 debit.

---

Definitions:

User-To-User Communications

This involves the exchange of information directly between users, typically via online platforms, without intermediary broadcasting or distribution channels.

Design Element

Basic units of visual design that include color, shape, line, texture, space, and form, used to create and enhance the aesthetic appeal of products or graphics.

Websites

Digital platforms accessible through the internet that display content, including text, images, and multimedia, owned or managed by individuals, groups, or organizations.