In January 2002, the accountant for Timmers Cororation estimated the company's net income for the year as $69,000. A year end income statement reported actual net income of $715,000.

Directions:
Make the gneral journal entries to record quarterly payments of the company's estimated income taxes (April 15, June 15, September 15, and December15.

Make an adjusting entry for any additional income taxes owed by the company at year end.

There does not appear to be enough information to properlly answer this question.

And it would also be based on what tax rates you are using, etc.

Quote:

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Originally Posted by CaptainForest

There does not appear to be enough information to properlly answer this question.

And it would also be based on what tax rates you are using, etc.

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Taxable income
$0-50,000 15%
50,001-75,000 25
75.001- 100,000 34
100.001-335,000 39
Over 335,000