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Determine the income taxes payable

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Reference no: EM133148724

Question - The following facts relate to Rizzo Corporation.

1. Deferred tax liability, January 1, 2022, $0.

2. Deferred tax asset, January 1, 2022, $0.

3. Pretax financial income for 2022, $345,000.

4. Cumulative temporary difference at December 31, 2022, giving rise to future taxable amounts, $205,500.

5. Cumulative temporary difference at December 31, 2022, giving rise to future deductible amounts, $64,800.

6. Tax rate for all years, 20%.

7. The company is expected to operate profitably in the future.

Required - Determine the income taxes payable for 2022.

Reference no: EM133148724

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