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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
النسخة 14الرقم المعياري الدولي: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
النسخة 14الرقم المعياري الدولي: 978-1305653535 تمرين 12
Adjusting entries for prepaid and accrued taxes
A-Z Construction Company was organized on May 1 of the current year. On May 2, A-Z Construction prepaid $18,480 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes account. A-Z Construction is also required to pay in January an annual tax (on property) for the previous calendar year. The estimated amount of the property tax for the current year (May 1 to December 31) is $45,000.
A. Journalize the two adjusting entries required to bring the accounts affected by the two taxes up to date as of December 31, the end of the current year.
B. What is the amount of tax expense for the current year?
A-Z Construction Company was organized on May 1 of the current year. On May 2, A-Z Construction prepaid $18,480 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes account. A-Z Construction is also required to pay in January an annual tax (on property) for the previous calendar year. The estimated amount of the property tax for the current year (May 1 to December 31) is $45,000.
A. Journalize the two adjusting entries required to bring the accounts affected by the two taxes up to date as of December 31, the end of the current year.
B. What is the amount of tax expense for the current year?
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Prepaid expenses are the advance payment...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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