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

Exercise 49

Alberto Company determines its annual income tax expense to be $459,000.f that amount, $300,000 has already been paid during the year (on a quarterly basis) and charged to the Income Taxes Expense account.he 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.repare the end-of-year general journal entry to recognize income taxes accrued.