The information that follows pertains to Esther Food Products: a. At December 31, 2024, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation Prepaid expenses Warranty expenses b. No temporary differences existed at the beginning of 2024. c. Pretax accounting income was $46,000 and taxable income was $9,000 for the year ended December 31, 2024. d. The tax rate is 25%. Required: Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2024. Complete this question by entering your answers in the tabs below. Calculation General Journal $ 32,000 11,000 (6,000) Complete the following table given below to record income taxes for 2024. Note: Amounts to be deducted should be entered with a minus sign. Description Pretax accounting income Permanent differences Income subject to taxation Temporary Differences Income taxable in current year Amount $ 46,000 x x Tax Rate < Calculation 11 11 11 11 11 Tax General Journal > Recorded as:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The information that follows pertains to Esther Food Products:
a. At December 31, 2024, temporary differences were associated with the following future taxable (deductible) amounts:
Depreciation
Prepaid expenses
Warranty expenses
b. No temporary differences existed at the beginning of 2024.
c. Pretax accounting income was $46,000 and taxable income was $9,000 for the year ended December 31, 2024.
d. The tax rate is 25%.
Required:
Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2024.
Complete this question by entering your answers in the tabs below.
Calculation
General
Journal
$ 32,000
11,000
(6,000)
Complete the following table given below to record income taxes for 2024.
Note: Amounts to be deducted should be entered with a minus sign.
Description
Pretax accounting income
Permanent differences
Income subject to taxation
Temporary Differences
Income taxable in current year
$
Amount
46,000
X Tax Rate =
x
X
< Calculation
=
=
=
=
=
Tax
General Journal >
Recorded as:
Transcribed Image Text:The information that follows pertains to Esther Food Products: a. At December 31, 2024, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation Prepaid expenses Warranty expenses b. No temporary differences existed at the beginning of 2024. c. Pretax accounting income was $46,000 and taxable income was $9,000 for the year ended December 31, 2024. d. The tax rate is 25%. Required: Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2024. Complete this question by entering your answers in the tabs below. Calculation General Journal $ 32,000 11,000 (6,000) Complete the following table given below to record income taxes for 2024. Note: Amounts to be deducted should be entered with a minus sign. Description Pretax accounting income Permanent differences Income subject to taxation Temporary Differences Income taxable in current year $ Amount 46,000 X Tax Rate = x X < Calculation = = = = = Tax General Journal > Recorded as:
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