Question
Example 12 On December 31, 2022, Smiley Corporation collected $22,000 for 2023 rent. Additionally, Smiley reported installment income in 2022 of $16,000, which was expected
Example 12
On December 31, 2022, Smiley Corporation collected $22,000 for 2023 rent. Additionally, Smiley reported installment income in 2022 of $16,000, which was expected to be collected in 2023. Pretax accounting income for 2022 was $70,000, which included a deduction of $11,000 in pollution fines. Smileys tax rate is 20% for all years, and there are no deferred taxes at the beginning of 2022.
Required:
Prepare the journal entry to record Smileys 2022 income taxes.
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Artificial Intelligence In Accounting And Auditing Knowledge Representation Accounting Applications And The Future Volume 3
Authors: Miklos A. Vasarhelyi
1st Edition
1558760784, 978-1558760783
