The IRS is investigating Miller Productions tax returns for 2015 and 2016.Based on the IRS audit procedures,the company accrued a $50,000 loss additional assessment in 2016 for the 2015 tax year.At the end of 2016,Miller was able to settle with IRS for $62,000.What entry should Edwards make when it pays the deficiency in December,2016?
A)
Cash 62,000
B)
Cash 62,000
C)
Cash 38,000
D)
Cash 62,000

Question

The IRS is investigating Miller Productions tax returns for 2015 and 2016.Based on the IRS audit procedures,the company accrued a $50,000 loss additional assessment in 2016 for the 2015 tax year.At the end of 2016,Miller was able to settle with IRS for $62,000.What entry should Edwards make when it pays the deficiency in December,2016?
A)
The IRS is investigating Miller Productions tax returns for 2015 and 2016.Based on the IRS audit procedures,the company accrued a $50,000 loss additional assessment in 2016 for the 2015 tax year.At the end of 2016,Miller was able to settle with IRS for $62,000.What entry should Edwards make when it pays the deficiency in December,2016? A) Cash 62,000 B) Cash 62,000 C) Cash 38,000 D) Cash 62,000

Cash 62,000
B)
The IRS is investigating Miller Productions tax returns for 2015 and 2016.Based on the IRS audit procedures,the company accrued a $50,000 loss additional assessment in 2016 for the 2015 tax year.At the end of 2016,Miller was able to settle with IRS for $62,000.What entry should Edwards make when it pays the deficiency in December,2016? A) Cash 62,000 B) Cash 62,000 C) Cash 38,000 D) Cash 62,000

Cash 62,000
C)
The IRS is investigating Miller Productions tax returns for 2015 and 2016.Based on the IRS audit procedures,the company accrued a $50,000 loss additional assessment in 2016 for the 2015 tax year.At the end of 2016,Miller was able to settle with IRS for $62,000.What entry should Edwards make when it pays the deficiency in December,2016? A) Cash 62,000 B) Cash 62,000 C) Cash 38,000 D) Cash 62,000

Cash 38,000
D)
The IRS is investigating Miller Productions tax returns for 2015 and 2016.Based on the IRS audit procedures,the company accrued a $50,000 loss additional assessment in 2016 for the 2015 tax year.At the end of 2016,Miller was able to settle with IRS for $62,000.What entry should Edwards make when it pays the deficiency in December,2016? A) Cash 62,000 B) Cash 62,000 C) Cash 38,000 D) Cash 62,000

Cash 62,000

Quizplus · Accepted Answer

The Answer of The IRS is investigating Miller Productions tax returns for 2015 and 2016.Based on the IRS audit procedures,the company accrued a $50,000 loss additional assessment in 2016 for the 2015 tax year.At the end of 2016,Miller was able to settle with IRS for $62,000.What entry should Edwards make when it pays the deficiency in December,2016?

The IRS Is Investigating Miller Productions Tax Returns for 2015