There were no deferred income taxes in any year. In 2017, Jenkins elected to carry back its operating loss. The enacted income tax rate was 35% in 2016 and 40% thereafter. In its 2018 balance sheet, what amount should Jenkins report as current income tax payable?

Engberg company installs lawn sod in home yards. the company’s most recent monthly contribution format income statement follows: amount percent of sales sales $ 80,000 100% variable expenses 32,000 40% contribution margin 48,000 60% fixed expenses 38,000 net operating income $ 10,000 required: 1. compute the company’s degree of operating leverage. (round your answer to 1 decimal place.) 2. using the degree of operating leverage, estimate the impact on net operating income of a 5% increase in sales. (do not round intermediate calculations.) 3. construct a new contribution format income statement for the company assuming a 5% increase in sales.