Business, 27.02.2020 02:23 katlynnschmolke

It is mid-January and Company B is closing their year ending December 31, 2013 and they need to make their tax entry. The Income Before Taxes for the year is $100,000. Company B has also prepared a preliminary tax return for the year but the Taxable Income was $110,000 due to a temporary timing difference that caused the revenue on the tax return to be greater than the revenue on the financial reports. The tax rate is 20%. There have been no entries related to income taxes made for the year up to this point. Taxes are not required to be paid until April 15, 2014. What is the entry required as of December 31, 2013 to record taxes?

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It is mid-January and Company B is closing their year ending December 31, 2013 and they need to make...

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