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dimulka [17.4K]
1 year ago
15

During 2024, its first year of operations, Baginski Steel Corporation reported a net operating loss of $450,000 for financial re

porting and tax purposes. During 2025, Baginski reported income of $250,000 for financial reporting and tax purposes. The enacted tax rate is 25%. Required: Prepare the journal entry to recognize Baginski’s 2025 tax expense or tax benefit. Show the lower portion of the 2025 income statement that reports income tax expense or benefit.
Arts
1 answer:
Vsevolod [243]1 year ago
5 0

The journal entry to recognize Baginski’s 2025 tax expense includes a Debit to Income tax expense and Credit to Income tax payable.

<h3>What is a tax expense or benefit?</h3>

The tax expense refers to the total amount of taxes owed by an individual, corporation or other entity to a taxing authority while the tax benefit refers to the refers to any tax law that helps one reduce tax liability.

In accounting, the companies record an income tax expense as a debit and income tax payable as a credit in journal entries.

<h3>Journal entry to recognize Baginski’s 2025 tax expense or tax benefit.</h3>

Date   General Journal                   Debit        Credit

           Income tax expense          $62,500

           ($250,000 * 25%)

                  Income tax payable                      $62,500

           (To record the tax expense for 2025)

Read more about tax expense

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