Normingtons unadjusted trial balance dated December 31, 2011, reports Income Taxes Expense of $57,200, and Income Taxes

Question:

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 dated December 31, 2011.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...