Onyx Company's income statement shows net income before income tax of $38,000. The company's tax return shows taxable income of $34,000. Company's tax rate is 40%. What journal entry is needed to record income tax expense and tax payable?
$$\begin{array} { | l | l | l | }
\hline \quad\quad\quad\quad\quad& \quad\quad&\quad\quad \
\hline & & \
\hline
\end{array}$$

Question

Onyx Company's income statement shows net income before income tax of $38,000. The company's tax return shows taxable income of $34,000. Company's tax rate is 40%. What journal entry is needed to record income tax expense and tax payable?
 $$\begin{array} { | l | l | l | } 
\hline \quad\quad\quad\quad\quad& \quad\quad&\quad\quad \
\hline & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Onyx Company's income statement shows net income before income tax of $38,000. The company's tax return shows taxable income of $34,000. Company's tax rate is 40%. What journal entry is needed to record income tax expense and tax payable?
 $$\begin{array} { | l | l | l | } 
\hline \quad\quad\quad\quad\quad& \quad\quad&\quad\quad \
\hline & & \
\hline
\end{array}$$

Onyx Company's Income Statement Shows Net Income Before Income Tax \begin{array} { | l | l | l | } \hline \quad\quad\quad\quad\quad& \quad\quad&\quad\quad \\\hline & & \\\hline\end{array}​​​​

Onyx Company's Income Statement Shows Net Income Before Income Tax $\begin{array} { | l | l | l | } \hline \quad\quad\quad\quad\quad& \quad\quad&\quad\quad \\\hline & & \\\hline\end{array}$