a
Concept Introduction:
Income tax liabilities: Corporations are required to estimate their income tax liabilities when the financial statements are prepared because income tax expenses are based on earned income. Liability for tax expenses must be created and settled regularly.
The accounting adjustment to correct the ending balance in the income taxes payable account.
b
Concept Introduction:
Income tax liabilities: Corporations are required to estimate their income tax liabilities when the financial statements are prepared because income tax expenses are based on earned income. Liability for tax expenses must be created and settled regularly.
The
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