Accruing Unpaid Income Taxes
Normington’s unadjusted trial balance dated December 31,2011, reports Income Taxes Expense of $57,200, and Income Taxes Payable of $14,300. The company’s accountant estimates that income taxes expense for the entire year ended December 31,2011, is $62,800.
a. Prepare the necessary adjusting entry for income taxes expense on December 31,2011.
b. Determine the amount of income taxes payable reported in the balance sheet dated December 31, 2011.
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