Question : 166.Osmond, Inc., reported the following income before income taxes, income : 1244205

 

166.Osmond, Inc., reported the following income before income taxes, income taxes expense, and net income for 20×7 and 20×8:

 

 

20×7 

20×8 

Income before income taxes

$500,000

$500,000

Income taxes expense

200,000

200,000

Net income

$300,000

$300,000

 

In 20×7, Osmond deducted a $40,000 item for income tax purposes that was not deducted for accounting purposes until 20×8. Osmond’s marginal tax rate is 40 percent. Prepare entries in journal form without explanations to record Osmond’s income taxes expense and income taxes payable for each year, assuming that income tax allocation procedures are used properly.

 

General Journal

Page 1

Date

Description

Post.

Ref.

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

167.Nagle Corporation computed its actual income taxes payable for 20×8 to be $46,000. Because of differences in accounting procedures and income tax rules, the income taxes expense to be reported for 20×8 is $53,500. Prepare the entry in journal form without explanation to record the income taxes expense and income taxes payable for 20×8.

 

General Journal

Page 1

Date

Description

Post.

Ref.

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

168.Kagel Corporation computed its actual income taxes payable for 20×7 to be $92,000. Because of differences in accounting procedures and income tax rules, the income taxes expense to be reported for 20×7 is $107,000. Prepare the entry in journal form without explanation to record the income taxes expense and income taxes payable for 20×7.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General Journal

Page 1

Date

Description

Post.

Ref.

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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