Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

Exercise 53

Hunter's unadjusted trial balance dated December 31, 2015, reports Income Taxes Expense of $70,000, and Income Taxes Payable of $20,000.he company's accountant estimates that income taxes expense for the entire year ended December 31, 2015, is $85,000.
a.repare the necessary adjusting entry for income taxes expense on December 31, 2015.
b.etermine the amount of income taxes payable reported in the balance sheet dated December 31, 2015.