In its first year of operations Acme Corp. had income before tax of $450,000. Acme made income tax payments totaling $116,000 during the year and has an income tax rate of 30%. What is the balance in income tax payable at the end of the year? a) $ 19,000 debit.
b) $ 19,000 credit.
c) $135,000 credit.
d) $116,000 credit.

b) $ 19,000 credit

Explanation:

Calculation for the balance in income tax payable at the end of the year

Since we were told that the income before tax was $450,000 and the income tax rate was 30% the first step will be to find the 30% of $450,000

30%×$450,000

=$135,000

Second step

Since we were told that the income tax payments $116, 000 during the year this means that the balance in income tax payable at the end of the year will be calculated as

$135,000-$116,000

=$19,000

Therefore the balance in income tax payable at the end of the year will be $19,000 credit

water and oil do not mix because water is hydrophilic (it is attracted to itself) and oil is hydrophobic (it is repelled by water).

the answer would be voluntary exchange -

"the act of buyers and sellers freely and willingly engaging in market transactions. moreover, transactions are made in such a way that both the buyer and the seller are better off after the exchange than before it occurred."

hope this : )

-shy