View PoliciesShow Attempt HistoryCullumber Corporation purchased equipment very late in 2023. Based on generous capital cost allowance rates provided in theIncome Tax Act, Cullumber claimed CCA on its 2023 tax return but did not record any depreciation because the equipment was beitested. This temporary difference will reverse and cause taxable amounts of $29,300 in 2024, $37,800 in 2025, and $41,200 in 202Cullumber's accounting income for 2023 is $238,600 and $202,600 in each of 2024 and 2025, and the tax rate for 2023, 2024 and2025 is 30%. There are no deferred tax accounts at the beginning of 2023. Cullumber Corporation was informed on December 31.2024 that the enacted rate for 2025 and subsequent years is 25%.(a)ow Transcribed TextDatePrepare the journal entries to record income taxes for 2024 and 2025. (List all debit entries before credit entries. Credit account titlesare automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accounttitles and enter O for the amounts. Record journal entries in the order presented in the problem.)2024 V2024 VAccount Titles and ExplanationCurrent Tax ExpenseIncome Tax Payable(To record current tax expense)Deferred Tax LiabilityDeferred Tax BenefitJ(To record deferred tax benefit)CDebit695708790Credit695708790

A journal entry functions as a documented record of a financial transaction within the realm of…

Prepare the journal entries to record income taxes for 2024 and 2025. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)

Prepare the journal entries to record income taxes for 2024 and 2025. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following are the job cost related accounts for the law firm of Cullumber Associates and their manufacturing equivalents: Law Firm Accounts Supplies Salaries and Wages Payable Operating Overhead Service Contracts in Process Cost of Completed Service Contracts Cost data for the month of March follow. 1. 2. 3. 4. 5. 6. Manufacturing Firm Accounts Raw Materials Factory Wages Payable Manufacturing Overhead Work in Process Cost of Goods Sold Purchased supplies on account $2,400. Issued supplies $1,680 (60% direct and 40% indirect). Assigned labor costs based on time cards for the month which indicated labor costs of $89,600 (80% direct and 20% indirect). Operating overhead costs incurred for cash totaled $51,200. Operating overhead is applied at a rate of 90% of direct labor cost. Work completed totaled $96,000.
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