It is mid-January and Company A is closing their year ending December 31, 2013 and they need to make their tax entry. The Income Before Taxes for the year is $110,000. Company A has also prepared a preliminary tax return for the year but the Taxable Income was only $100,000 due to the fact that the tax deduction for depreciation was greater than the depreciation expense. The tax rate is 30%. There have been no entries related to income taxes made for the year up to this point. Taxes are not required to be paid until April 15, 2014. What is the entry required as of December 31, 2013 to record taxes?
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It is mid-January and Company A is closing their year ending December 31, 2013 and they need to make...
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