Onyx Company's Income Statement Shows Net Income Before Income Tax

question 108

Essay

Onyx Company's income statement shows net income before income tax of $38,000. The company's tax return shows taxable income of $34,000. Company's tax rate is 40%. What journal entry is needed to record income tax expense and tax payable?

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Records or documents managed to prompt actions or tasks at scheduled times or dates.

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A process of verifying or reviewing items for accuracy or completion, often done on a list or document.

PHI

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