Normington’s unadjusted trial balance dated December 31, 2011, reports Income Taxes Expense of $57,200, and Income Taxes Payable of $14,300. The company’s accountant estimates that income taxes expense for the entire year ended December 31, 2011, is $62,800.
Prepare the necessary adjusting entry for income taxes expense on December 31, 2011.
Determine the amount of income taxes payable reported in the balance sheet dated December 31, 2011.