I need to make adjusting entries for the following- $1,500 in meal and entertainment expenses show as a permanent difference for tax.I need to make adjusting entries for the following-
$1,500 in meal and entertainment expenses show as a permanent difference for tax.
The company uses straight line depreciation for book and MACRS depreciation for the tax return
MACRS depreciation was $209,301 higher than book. adjusting entry is needed here for the deferred tax.
There have been recent tax structure changes the could impact the company.
Peyton Approved has been a C Corp since the beginning of these changes. Peyton provides for taxes at 25% of pretax income (20% Federal, 5% state).
This is the list of accounts that I need to make the entries for-From this list I need to pick where to make each adjusting entry.
Income Taxes Currently Payable
Accrued Pension Liability
Accrued Employees Health Insurance
Deferred Tax Liability
Repairs and Maintenance
Retired Employees Health Ins.
Unrealized Gain/(Loss) on Marketable Securities Held for Sale
Deferred tax Expense