Gosling Company determines its annual income tax expense to be $459,000. Of that amount, $300,000 has already

Question:

Gosling Company determines its annual income tax expense to be $459,000. Of that amount, $300,000 has already been paid during the year (on a quarterly basis) and charged to the Income Taxes Expense account. The company has determined that, of the amount that has not yet been paid or recorded, $75,000 will be deferred into future years under certain favorable income tax provisions available to the company. Prepare the end-of-year general journal entry to recognize income taxes accrued.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial and Managerial Accounting the basis for business decisions

ISBN: 978-0078111044

16th edition

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

Question Posted: