The information that follows pertains to ester foods


The information that follows pertains to Ester Foods Products:

a. At December 31, 2013, temporary differences were associated with the following future taxable (deductible) amounts:

Depreciation $60,000

Prepaid expenses 17,000

Warranty expenses (12,000)

b. No temporary differences existed at the beginning of 2013.

c. Pretax accounting income was $80,000 and taxable income was $15,000 for the year ended December 31, 2013.

d. The tax rate is 40%.

Required:

Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2013. (If no entry is required for 2013. (If no entry is required for a particular entry required " in the first account field.)

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Financial Accounting: The information that follows pertains to ester foods
Reference No:- TGS01698133

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