CP 95 Pauls Roofing Corporation paid monthly corporate income tax installments of $500 commencing February...
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Accounting
CP 95
Pauls Roofing Corporation paid monthly corporate income tax
installments of $500 commencing February 15, 2019. The companys
income before income taxes for the year ended December 31, 2019
was $15,000. The corporate income tax rate is 40%. Pauls Roofing paid
the 2019 corporate income taxes owing on January 31, 2020.
CHAPTER NINE / Debt Financing: Current and Noncurrent Liabilities First US Edition
Required:
1. Record the February 15, 2019 payment.
2. Record the 2019 corporate income tax expense.
3. Record the January 31, 2020 payment.
Descriptions and general ledger account numbers are not necessary.
Show calculations where applicable.
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