The following journal entry summarizes for the current year the income tax expen

Question

The following journal entry summarizes for the current year the income tax expense of Wilson's Software Warehouse Of the deferred income taxes, only $30,000 is classified as a current liability. What is the amount of income tax that the company has paid or expects to pay in conjunction with its income tax return for the current year? (Omit the "$" sign in your response.) Illustrate the allocation of the liabilities shown in the above journal entry between the classifications of current liabilities and long-term liabilities. (Omit the "$" sign in your response.)

Explanation / Answer

b.) In current year company has to paid only that amount which is in cash = 960,000 others amount will add up in liablilty section and has to be paid later. c.) Long term liabilties = 200,000 - 30,000 = 170,000

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