Heinfell Inc. reported sales of $ 850,000, cost of goods sold of $ 510,000, and other expenses totalled $ 180,000. Assuming Heinfell reported net income of $ 100,000 in the year, which of the following entries reflects Heinfell's income tax expense?
A) debit to Income Tax Payable and credit to Income Tax Expense for $ 60,000
B) debit to Income Tax Expense and credit to Income Tax Payable for $ 100,000
C) debit to Income Tax Expense and credit to Income Tax Payable for $ 60,000
D) debit to Income Tax Payable and credit to Income Tax Expense for $ 100,000
Correct Answer:
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