User Account

All Pages

Determine the amount of income taxes payable

Assignment Help Accounting Basics
Reference no: EM132118126

Question - Hunter's unadjusted trial balance dated December 31, 2015, reports Income Taxes Expense of $70,000, and Income Taxes Payable of $20,000. The company's accountant estimates that income taxes expense for the entire year ended December 31, 2015, is$85,000.

a. Prepare the necessary adjusting entry for income taxes expense on December 31, 2015

b. Determine the amount of income taxes payable reported in the balance sheet dated December 31, 2015.

Reference no: EM132118126

Questions Cloud

Is the industry in growth or decline : Using Porter's 5 Forces model, assess the company you will be analyzing for your Employer SWOT assignments (presentation and paper).
At what amount will client revenue earned : Jasper's unadjusted trial balance reports Unearned Client Revenue of $4,000, At what amount will Client Revenue Earned be reported
Summarize the high profile case you have chosen : Summarize the high profile case you have chosen. Describe how rational choice or trait theory apply to the case; if both apply, explain how they apply.
Problem regarding the grade processing : University grading system maintains a database called "GradeProcessing" that contains a number of tables to store, retrieve and manipulate student marks
Determine the amount of income taxes payable : Income Taxes Expense of $70,000, Determine the amount of income taxes payable reported in the balance sheet dated December 31, 2015
Industry product choose between competing brands of sellers : On what basis do buyers of the industry’s product choose between the competing brands of sellers? What product attributes are crucial?
What is the stock value : Suppose the riskiness of the stock decreases, which causes the required rate of return to fall to 13 percent, under these conditions, what is the stock's value
Describles the lf time for activity in project : Which of the following statements describles the LF time for an activity in a project?
Compute the net income or loss for the period : The income statement debit and credit columns of the worksheet total $2,500 and $2,500, The net income or loss for the period is

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd