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What oscar ltd should record

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Reference no: EM132858903

Oscar Ltd made an accounting profit before tax of $40,000 for the year ended 30 June 2021.
Included in the accounting profit were the following items of expense: entertainment expense $8,000 and bad debts expense $14,000.

Oscar Ltd wrote off $10,000 in bad debts for the year ended 30 June 2021. The company income tax rate is 30%.

Problem 1: Oscar Ltd should record:

Select one:

a. $18,600 debit for income tax expense.

b. $12,000 credit for current tax liability.

c. $13,200 debit for income tax expense.

d. $15,600 credit for current tax liability. 

Reference no: EM132858903

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