As part of its accounting process, estimated incon ed each month for 28% of the current month's net income. The income taxes are paid in the first month of each qu nt accrued for the prior quarter. The following information is available for the fourth quarter of the year just ended. utations are completed on January 20 of the following year, Nishi determines that the quarter's Income Taxes Pay ce should be $29,446 on December 31 of the year just ended (its unadjusted balance is $24,346). ober net income ember net income ember net income $ 31,000 20, 150 35, 800 ermine the amount of the accounting adjustment (dated as of December 31) to get the correct ending balance in t Payable account. pare journal entries to record (a) the December 31 adjustment to the Income Taxes Payable account and (b) the la nt of the fourth-quarter taxes. nplete this question by entering your answers In the tabs below.
As part of its accounting process, estimated incon ed each month for 28% of the current month's net income. The income taxes are paid in the first month of each qu nt accrued for the prior quarter. The following information is available for the fourth quarter of the year just ended. utations are completed on January 20 of the following year, Nishi determines that the quarter's Income Taxes Pay ce should be $29,446 on December 31 of the year just ended (its unadjusted balance is $24,346). ober net income ember net income ember net income $ 31,000 20, 150 35, 800 ermine the amount of the accounting adjustment (dated as of December 31) to get the correct ending balance in t Payable account. pare journal entries to record (a) the December 31 adjustment to the Income Taxes Payable account and (b) the la nt of the fourth-quarter taxes. nplete this question by entering your answers In the tabs below.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 2PA
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