October 30, 2016 admin

Estimated Income Taxes

Adjustments to Income

ESTIMATED INCOME TAXES ADDITIONS TO INCOME ACCOUNT
9900

ACCOUNT EXPLANATION
The estimated provision for income taxes computed on the earnings of the current year as recorded in the books of account.
TRANSACTIONS
  Jrnl. Dr. Cr.
  Monthly adjustment of income tax provision based on year-to-date book profit SE
    Estimated Income Taxes 9900
      Income Taxes—Current Year 2205
COMMENTS
  • This account is provided for use by corporations only.
  • For tax computation purposes, the federal surtax exemption should be prorated over the entire year.