accounting-A. J. Johnson & Co record certain revenues on its books
QUESTION
A. J. Johnson & Co record certain revenues on its books in 2015 and 2016 of $15,400 and $16,600, respectively. However, such revenues were not subject to income taxation until 2017. the company records reveal pretax financial income and taxable income for the three-year period as follows: Financial Income Taxable Income2015 $44,200 28,8002016 38,200 21,6002017 21,100 53,100Assume that Johnson’s tax rate is 40% for all periodsPrepare the journal entries necessary at the end of each year to record income taxes.
ANSWER:
Expert paper writers are just a few clicks away
Place an order in 3 easy steps. Takes less than 5 mins.