Journal Entry to Record Tax Expense for Prepaid Rent and Tax

School: Chandler-Gilbert Community College - Course: ACC 211 - Subject: Accounting

In 2021, Your company records $275,000 in pretax financial income In addition Your company prepaid rent of $20,000 for the following fiscal year. If the tax rate is 35% what is the journal entry to record tax expense? In 2021, an insurance company's taxable income is $760,000 which includes cash of $210,000 from customers prepaying for 2022 insurance coverage. If the tax rate is 20% what is the journal entry to record tax expense? In 2021, Your company accrues a loss of $25,000 related to pending law suit. If pretax financial income is $950,000 and the tax rate is 30% what is the journal entry to record tax expense? In 2021, Your company records an increase in Accounts Receivable of $30,000. If pretax financial income is $850,000 and the tax rate is 20% what is the journal entry to record tax expense? Your company records interest revenue of $20,000 for investments in municipal bonds. The IRS however does not tax this income. If pretax financial income is $990,000 and tax rate is 25% what is the journal entry to record tax expense! Why is this page out of focus? Because this is a Premium document. Subscribe to unlock this document and more.