Income Tax PayableNotes Payable-2 yearsRetalned Tarnings90065Unearned Revenues-2years.83Cash Drvidends Deciared200Income SummaryTOTALSWhat are long-term assets for San MarcosCorporation? QUESTION 3Presented below are selected accounts for SanMarcos Corporation for December 31 of thecurrent year.DebitCreditAccounts Recelvabletrade$720Building and EquipmentCash in bank-operating1000Interest RecelvableInstallment ReceivabiesMerchandise Inventory3525Notes Receivable-longtermPetty CashPrepaid Expenses-current32Supplies19PatentAccounts Payable-radeAccumulatedDepreciation225Additional Pald-in CapltalAllowance for600Uncollectible AccountsCash Diridends PayableCommon Seock-4i parvalueIncome Tax Payable

Long Term Assets: These are those assets that are used by an entity for more than one year. It is…

Answered: Income Tax Payatde Notes Payable years…

Income Tax Payatde Notes Payable years 900 Retalned Farnings Unearned Revenues2 yean Cash Devidends Deciared 240 Income Summary TOTALS What are long term assets for San Marcos Corporation?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

Income Tax Payable
Notes Payable-2 years
Retalned Tarnings
900
65
Unearned Revenues-2
years.
83
Cash Drvidends Deciared
200
Income Summary
TOTALS
What are long-term assets for San Marcos
Corporation?

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