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    Abcfitz44 Posts: 16, Reputation: 1
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    Aug 28, 2008, 04:46 PM
    Income Taxes Payable
    2006, Comp A reported pretax financial income of $500,000. Included in that pretax financial income was $90,000 of nontaxable life insurance proceeds received as a result of a death; $120,000 warranty expenses accrued but unpaid as of Dec 31, 2005; and $20,000 of goodwill amortization. Assuming no income taxes were previously paid during the year and an income tax rate of 40%, the amount of income taxes payable on Dec 31, 2005, would be:
    a) $180,000
    b) $200,000
    c) $212,000
    d) $220,000

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