8-a. If the company debited income tax expense and credited income taxes payable $1,300 during the year, what is the total ar the debits recorded in the Income Taxes Payable account? 8-b. What does the amount of these debits represent? Complete this question by entering your answers in the tabs below. Req SA Req 88 If the company debited income tax expense and credited income taxes payable $1,300 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account? Total amount of debits recorded Reg BA Req 88 >
8-a. If the company debited income tax expense and credited income taxes payable $1,300 during the year, what is the total ar the debits recorded in the Income Taxes Payable account? 8-b. What does the amount of these debits represent? Complete this question by entering your answers in the tabs below. Req SA Req 88 If the company debited income tax expense and credited income taxes payable $1,300 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account? Total amount of debits recorded Reg BA Req 88 >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Oo.25.
Subject :- Account
![[The following information applies to the questions displayed below.]
Ravenna Company is a merchandiser that uses the Indirect method to prepare the operating activities section of its
statement of cash flows. Its balance sheet for this year is as follows:
Cash & cash equivalents
Accounts receivable
Inventory
Total current assets
Property, plant, and equipment
Less accumulated depreciation
Net property, plant, and equipment
Total assets
Accounts payable
Income taxes payable
Bonds payable
Common stock
Retained earnings
Total liabilities and stockholders' equity
Ending
Balance
$ 89,000
71,500
96,000
256,500
255,000
85,000
170,000
$426,500
S
46
Req 8A
$ 56,000
43,500
105,000
122,500
99,500
$426,500
Req 88
During the year, Ravenna paid a $10,500 cash dividend and it sold a piece of equipment for $5,250 that had
originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or
repurchase any of its own common stock during the year.
Complete this question by entering your answers in the tabs below.
(Req BA
⠀⠀⠀
Beginning
Balance
$ 106,750
77,000
87,500
During the year, Ravenna paid a $10,500 cash dividend and it sold a piece of equipment for $5,250 that had
originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or
repurchase any of its own common stock during the year.
271,250
245,000
61,250
183,750
$ 455,000
8-a. If the company debited income tax expense and credited income taxes payable $1,300 during the year, what is the total amount of
the debits recorded in the Income Taxes Payable account?
8-b. What does the amount of these debits represent?
$ 99,500
57,000
87,500
105,000
106,000
$ 455,000
Req 8B >
Next >
If the company debited income tax expense and credited income taxes payable $1,300 during the year, what is the total
amount of the debits recorded in the Income Taxes Payable account?
Total amount of debits recorded](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5a79f5fd-2bdd-484b-9c0d-a83d48b55247%2Fd07160f8-0e45-433b-bbb4-ab372962a227%2Fuup38x_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
Ravenna Company is a merchandiser that uses the Indirect method to prepare the operating activities section of its
statement of cash flows. Its balance sheet for this year is as follows:
Cash & cash equivalents
Accounts receivable
Inventory
Total current assets
Property, plant, and equipment
Less accumulated depreciation
Net property, plant, and equipment
Total assets
Accounts payable
Income taxes payable
Bonds payable
Common stock
Retained earnings
Total liabilities and stockholders' equity
Ending
Balance
$ 89,000
71,500
96,000
256,500
255,000
85,000
170,000
$426,500
S
46
Req 8A
$ 56,000
43,500
105,000
122,500
99,500
$426,500
Req 88
During the year, Ravenna paid a $10,500 cash dividend and it sold a piece of equipment for $5,250 that had
originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or
repurchase any of its own common stock during the year.
Complete this question by entering your answers in the tabs below.
(Req BA
⠀⠀⠀
Beginning
Balance
$ 106,750
77,000
87,500
During the year, Ravenna paid a $10,500 cash dividend and it sold a piece of equipment for $5,250 that had
originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or
repurchase any of its own common stock during the year.
271,250
245,000
61,250
183,750
$ 455,000
8-a. If the company debited income tax expense and credited income taxes payable $1,300 during the year, what is the total amount of
the debits recorded in the Income Taxes Payable account?
8-b. What does the amount of these debits represent?
$ 99,500
57,000
87,500
105,000
106,000
$ 455,000
Req 8B >
Next >
If the company debited income tax expense and credited income taxes payable $1,300 during the year, what is the total
amount of the debits recorded in the Income Taxes Payable account?
Total amount of debits recorded
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