Cathy Company reported the following summary amounts for its second year ended December 31, 20X1: $$\begin{array} { | l | r | }
\hline \text { Revenues } & \$ 100,000 \
\hline \text { Expenses (excluding income tax) } & 80,000 \
\hline \text { Income taxes paid for 20X1 } & 10,000 \
\hline
\end{array}$$ Income tax rate, 40% Give the entry to record income tax for 20X1.

Question

Cathy Company reported the following summary amounts for its second year ended December 31, 20X1: $$\begin{array} { | l | r | } 
\hline \text { Revenues } & \$ 100,000 \
\hline \text { Expenses (excluding income tax) } & 80,000 \
\hline \text { Income taxes paid for 20X1 } & 10,000 \
\hline
\end{array}$$ Income tax rate, 40% Give the entry to record income tax for 20X1.

Quizplus · Accepted Answer

The Answer of Cathy Company reported the following summary amounts for its second year ended December 31, 20X1: $$\begin{array} { | l | r | } 
\hline \text { Revenues } & \$ 100,000 \
\hline \text { Expenses (excluding income tax) } & 80,000 \
\hline \text { Income taxes paid for 20X1 } & 10,000 \
\hline
\end{array}$$ Income tax rate, 40% Give the entry to record income tax for 20X1.

Cathy Company Reported the Following Summary Amounts for Its Second