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In form 1120 the federal income tax is based on the net income. that federal income tax amount..
Q. In form 1120 the federal income tax is based on the net income. that federal income tax amount, should it be an expense or should it be charged to retained earnings?
A. -In the books of a company when they close the books for the year, one of the entries they make will be a debit to Retained Earnings and a credit to Income Taxes Payable for the Federal and State taxes that apply to that closed out year. These am
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