Santiago Corporation estimated at the beginning of 20-- that its income tax for the year would be $200,000. Calculate the estimated income tax per quarter and show one of the quarterly entries to pay the taxes. As of December 31, 20-- Santiago Corporation had an actual tax liability of $200,437. Calculate the income tax due and make the necessary adjusting entry.

Question

Santiago Corporation estimated at the beginning of 20-- that its income tax for the year would be $200,000. Calculate the estimated income tax per quarter and show one of the quarterly entries to pay the taxes.  As of December 31, 20-- Santiago Corporation had an actual tax liability of $200,437. Calculate the income tax due and make the necessary adjusting entry.

Quizplus · Accepted Answer

The Answer of Santiago Corporation estimated at the beginning of 20-- that its income tax for the year would be $200,000. Calculate the estimated income tax per quarter and show one of the quarterly entries to pay the taxes.  As of December 31, 20-- Santiago Corporation had an actual tax liability of $200,437. Calculate the income tax due and make the necessary adjusting entry.

Santiago Corporation Estimated at the Beginning of 20-- That Its