There is a difference between the income tax payable account and the income tax expense account in the financial statement of the sooners corporation which account attributes to this difference A. Depreciation

B. Petty cash on hand

C. Accounts payable

D. Size of land owned

Question

Business

Miracle Friedman

6 July, 05:32

There is a difference between the income tax payable account and the income tax expense account in the financial statement of the sooners corporation which account attributes to this difference A. Depreciation

B. Petty cash on hand

C. Accounts payable

D. Size of land owned

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Answers (1)

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Lisa Petty · Answer 1

C. Accounts Payable

Income tax expense is the amount that your company calculates for taxes, whereas income tax payable is the actual amount calculated by the IRS that the company owes which is recorded as a liability in accounts payable until the tax bill is paid off.

There is a difference between the income tax payable account and the income tax expense account in the financial statement of the sooners corporation which account attributes to this difference A. DepreciationB. Petty cash on handC. Accounts payableD. Size of land owned

There is a difference between the income tax payable account and the income tax expense account in the financial statement of the sooners corporation which account attributes to this difference A. Depreciation

B. Petty cash on hand

C. Accounts payable

D. Size of land owned