Arrow Company began operations at the beginning of 2019. At the end of 2019, Arrow reported taxable income of $20,800 and pretax financial income of $22,200 because of a single temporary difference. The income tax rate for the current year is 30%, but Congress has enacted a 40% tax rate for 2020 and beyond. Required:   Prepare Arrow’s income tax journal entry at the end of 2019.

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A:

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Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.