Furlough Company's 20X3 income statement included the following:
Income before taxes $ \quad $$ \quad $$ \quad $$299,000
Income tax expense$ \quad $$ \quad $$ \quad $$ \quad $89,625
Net income$ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$209.375
As a result of 20X3 operations,the deferred tax liability account increased by $12,000.
a.Compute taxes paid to the government in 20X3.
b.Prepare the journal entry to record taxes on ordinary income for 20X3.

Question

Furlough Company's 20X3 income statement included the following:
 Income before taxes $ \quad $$ \quad $$ \quad $$299,000
Income tax expense$ \quad $$ \quad $$ \quad $$ \quad $89,625
Net income$ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$209.375 
As a result of 20X3 operations,the deferred tax liability account increased by $12,000.
a.Compute taxes paid to the government in 20X3.
b.Prepare the journal entry to record taxes on ordinary income for 20X3.

Quizplus · Accepted Answer

The Answer of Furlough Company's 20X3 income statement included the following:
 Income before taxes $ \quad $$ \quad $$ \quad $$299,000
Income tax expense$ \quad $$ \quad $$ \quad $$ \quad $89,625
Net income$ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$209.375 
As a result of 20X3 operations,the deferred tax liability account increased by $12,000.
a.Compute taxes paid to the government in 20X3.
b.Prepare the journal entry to record taxes on ordinary income for 20X3.

Furlough Company's 20X3 Income Statement Included the Following: Income \quad

Furlough Company's 20X3 Income Statement Included the Following:
Income $\quad$