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Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2024. (Credit account titles are automatically indented when 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. List all debit entries before credit entries.) Account Titles and Explanation Income Tax Expense Deferred Tax Asset Deferred Tax Llability Income Tax Payable eTextbook and Media List of Accounts Your answer is partially correct. Income Tax Expense Deferred Tax Liability Deferred Tax Asset Debit Income Tax Payable 65600 Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming taxable income of $263,800. (Credit account titles are automatically indented when 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. List all debit entries before credit entries.) Account Titles and Explanation Debit 10320 Credit 7680 30720 Credit 45200 10320 94720

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2024. (Credit account titles are automatically indented when 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. List all debit entries before credit entries.) Account Titles and Explanation Income Tax Expense Deferred Tax Asset Deferred Tax Llability Income Tax Payable eTextbook and Media List of Accounts Your answer is partially correct. Income Tax Expense Deferred Tax Liability Deferred Tax Asset Debit Income Tax Payable 65600 Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming taxable income of $263,800. (Credit account titles are automatically indented when 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. List all debit entries before credit entries.) Account Titles and Explanation Debit 10320 Credit 7680 30720 Credit 45200 10320 94720

FINANCIAL ACCOUNTING
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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Your answer is partially correct. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2024. (Credit account titles are automatically indented when 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. List all debit entries before credit entries.) Account Titles and Explanation Income Tax Expense Deferred Tax Asset Deferred Tax Llability Income Tax Payable eTextbook and Media List of Accounts Your answer is partially correct. Income Tax Expense Deferred Tax Llability Deferred Tax Asset Debit Income Tax Payable 65600 Debit 10320 Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming taxable income of $263,800. (Credit account titles are automatically indented when 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. List all debit entries before credit entries.) Account Titles and Explanation Credit 0000 7680 30720 Credit 45200 000 0000 10320 94720
Transcribed Image Text:Your answer is partially correct. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2024. (Credit account titles are automatically indented when 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. List all debit entries before credit entries.) Account Titles and Explanation Income Tax Expense Deferred Tax Asset Deferred Tax Llability Income Tax Payable eTextbook and Media List of Accounts Your answer is partially correct. Income Tax Expense Deferred Tax Llability Deferred Tax Asset Debit Income Tax Payable 65600 Debit 10320 Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming taxable income of $263,800. (Credit account titles are automatically indented when 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. List all debit entries before credit entries.) Account Titles and Explanation Credit 0000 7680 30720 Credit 45200 000 0000 10320 94720
The following information is available for Sheridan Inc. for 2024: 1. 2. 3. 4. Excess of tax depreciation over book depreciation, $76,800. This $76,800 difference will reverse equally over the next 4 years. Deferral, for book purposes, of $25,800 of subscription income received in advance. The subscription income will be earned in 2025. Pretax financial income, $164,000. Tax rate for all years, 20%. Your answer is correct. Compute taxable income for 2024. Taxable income $ EA eTextbook and Media List of Accounts 113000
Transcribed Image Text:The following information is available for Sheridan Inc. for 2024: 1. 2. 3. 4. Excess of tax depreciation over book depreciation, $76,800. This $76,800 difference will reverse equally over the next 4 years. Deferral, for book purposes, of $25,800 of subscription income received in advance. The subscription income will be earned in 2025. Pretax financial income, $164,000. Tax rate for all years, 20%. Your answer is correct. Compute taxable income for 2024. Taxable income $ EA eTextbook and Media List of Accounts 113000
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