Answered step by step
Verified Expert Solution
Question
1 Approved Answer
. JUU have completed so far. It does not indicate complet The information that follows pertains to Esther Food Products: a. At December 31, 2021,
. JUU have completed so far. It does not indicate complet The information that follows pertains to Esther Food Products: a. At December 31, 2021, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation Prepaid expenses Warranty expenses $ 66,000 28,000 (10,000) b. No temporary differences existed at the beginning of 2021 C. Pretax accounting income was $109,000 and taxable income was $25,000 for the year ended December 31, 2021 d. The tax rate is 25% Required: Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2021 Answer is not complete. Complete this question by entering your answers in the tabs below. Calculation - General Journal Complete the following table given below to record income taxes for 2021. (Negative amounts should be entered with a minus sign.) MacBook Air Hi the work you have completed so far. It does not indicate ca Answer is not complete. Complete this question by entering your answers in the tabs below. Calculation General Journal Complete the following table given below to record income taxes for 2021. (Negative amounts should be entered with a minusson Tax = Rate Tax 5 Recorded as: Pretax accounting income Permanent differences $ 109,000 109,000 X 45% = $ 49,050 Income tax expense Income subject to taxation Temporary Differences Depreciation Prepaid expenses Warranties Income taxable in current year (66,000) (28,000) 10,000 25,000 X X X X 45% 45% 45% 45% $ (29,700) $ (12,600) $ 4,500 $ 11.250 Deferred tax liability Deferred tax liability Deferred tax asset Income tax payable s Ceneral Journal > TUI YUU have completed so far. It does Answer is not complete. Complete this question by entering your answers in the tabs below. Calculation General Journal Prepare the appropriate journal entry to record income taxes for 2021. (If no entry is required for a transaction/events No journal entry required in the first account field.) Transaction General Journal Credit Income tax expense Deferred tax asset Deferred tax liability Income taxes payable Debit 49,050 4,500 42,300 11,250 Calculation 117 of 10 Next >
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started