In its annual income statement, fox co. reported incomebefore income taxes of $300,000. foxestimated that, because of permanent differences, taxable income would be $280,000, and during the year fox made estimated tax payments of $50,000, which were debitedto income tax expense. fox is subject to a 30% tax rate. what amount should fox report as income tax expense?

a. $50,000
b. $84,000
c. $34,000
d. $90,000

B. $84,000

Explanation:

The computation of the income tax expense is shown below:

Income before income tax $300,000

Less: Permanent difference -$20,000

Taxable income $280,000

Tax rate is 30%

Income tax expense $84,000            ($280,000 × 30%)

The $50,000 do not impact the overall income tax expense but it decrease the amount of  income tax payable

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.

b. condominum i think