A-Z Construction Company was organized on May 1 of the current year. On May 2, A-Z...
A-Z Construction Company was organized on May 1 of the current year. On May 2, A-Z Construction prepaid $5,040 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes account. A-Z Construction is also required to pay in January an annual tax (on property) for the previous calendar year. The estimated amount of the property tax for the current year (May 1 to December 31) is $20,860.
a. Journalize the two adjusting entries required to bring the accounts affected by the two taxes up to date as of December 31, the end of the current year. License fees _______
Property tax _______
b. What is the amount of tax expense for the current year? $_______
Homework Answers
Solution
A-Z Construction Company
- Adjusting Entries:
|
Adjusting Entries: |
||||
|
Date |
Account Titles and Explanation |
Ref. No. |
Debit |
Credit |
|
Dec 31, |
Taxes Expense |
$3,360 |
||
|
Prepaid Taxes |
$3,360 |
|||
|
(To record prepaid taxes expired, May 2 - Dec 31, 8 months = $5,040 x 8/12 = $3,360) |
||||
|
Dec 31, |
Taxes Expense |
$20,860 |
||
|
Taxes Payable |
$20,860 |
|||
|
(To record accrued taxes) |
||||
- Amount of tax expense for current year –
= $3,360 + 20,860 = $24,220
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