Reference no: EM132625940
Question - KIMCPA is in its first year of operations. The company has pretax income of $200,000 and the following items recorded in its records. Estimated tax payments of $10,000 were made during Year 1.
Entertainment expense $10,000
Depreciation on tax return in excess of book depreciation 14,000
Interest on municipal bond 5,000
Ending balance for allowance for uncollectible accounts 1,000
Bad debt expense 3,500
Tax rate for Year 1: 25%
Enacted tax rate for Year 2 and thereafter: 30%
Instructions -
(1) Prepare the statement of income during Year 1.
(2) Prepare the tax accounts section of balance sheet as of December 31, Year 1.
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