BRIEF EXERCISE 4.9 Accruing Unpaid Income Taxes Hunters unadjusted trial balance dated December 31, year...
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Accounting
BRIEF EXERCISE 4.9
Accruing Unpaid Income Taxes
Hunters unadjusted trial balance dated December 31, year 1, reports Income Taxes Expense of $70,000, and Income Taxes Payable of $20,000. The companys accountant estimates that income taxes expense for the entire year ended December 31, year 1, is $85,000.
Prepare the necessary adjusting entry for income taxes expense on December 31, year 1.
Determine the amount of income taxes payable reported in the balance sheet dated December 31, year 1
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