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What was the amount of income taxes payable

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Reference no: EM132427945

Question - The balance sheet for Nair Corporation provided the following summarized pretax data:

 

Year 2011

Year 2012

Deferred tax liability

$355,000

$463,000

The income statement reported tax expense for 2012 in the amount of $580,000.

Required:

1. What was the amount of income taxes payable for 2012?

2. Why would management want to incur the cost of maintaining separate tax and financial accounting records?

Reference no: EM132427945

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