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Pina Colada Ltd. made four quarterly payments of $3,500 each to the Receiver General for Canada during 2023 as instalment payments on its estimated 2023 corporate tax liability. At year end, Pina Colada's controller completed the company's 2023 tax return, which showed income tax owing of $10,400 on its 2023 income. (a) ✓ Your answer is correct. Prepare the adjusting year-end entry to recognize the 2023 income tax. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Show Transcribed Text Account Titles and Explanation Income Tax Receivable Current Tax Expense 3 C Debit 3600.00 Credit 3600.00

Pina Colada Ltd. made four quarterly payments of $3,500 each to the Receiver General for Canada during 2023 as instalment payments on its estimated 2023 corporate tax liability. At year end, Pina Colada's controller completed the company's 2023 tax return, which showed income tax owing of $10,400 on its 2023 income. (a) ✓ Your answer is correct. Prepare the adjusting year-end entry to recognize the 2023 income tax. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Show Transcribed Text Account Titles and Explanation Income Tax Receivable Current Tax Expense 3 C Debit 3600.00 Credit 3600.00

FINANCIAL ACCOUNTING
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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Pina Colada Ltd. made four quarterly payments of $3,500 each to the Receiver General for Canada during 2023 as instalment payments on its estimated 2023 corporate tax liability. At year end, Pina Colada's controller completed the company's 2023 tax return, which showed income tax owing of $10,400 on its 2023 income. (a) Your answer is correct. Prepare the adjusting year-end entry to recognize the 2023 income tax. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Show Transcribed Text Account Titles and Explanation Income Tax Receivable Current Tax Expense Ĉ Debit 3600.00 Credit 3600.00
Transcribed Image Text:Pina Colada Ltd. made four quarterly payments of $3,500 each to the Receiver General for Canada during 2023 as instalment payments on its estimated 2023 corporate tax liability. At year end, Pina Colada's controller completed the company's 2023 tax return, which showed income tax owing of $10,400 on its 2023 income. (a) Your answer is correct. Prepare the adjusting year-end entry to recognize the 2023 income tax. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Show Transcribed Text Account Titles and Explanation Income Tax Receivable Current Tax Expense Ĉ Debit 3600.00 Credit 3600.00
(b) (b) Identify any year-end SFP amount that is related to income tax and indicate how it should be classified. Show Transcribed Text At year end, the company would report t Identify any year-end SFP amount that is related to income tax and indicate how it should be classified. eTextbook and Media List of Accounts U of $ of $ in Current Assets Current Liabilities Long-Term Investments Property, Plant, and Equipment Shareholders' Equity
Transcribed Image Text:(b) (b) Identify any year-end SFP amount that is related to income tax and indicate how it should be classified. Show Transcribed Text At year end, the company would report t Identify any year-end SFP amount that is related to income tax and indicate how it should be classified. eTextbook and Media List of Accounts U of $ of $ in Current Assets Current Liabilities Long-Term Investments Property, Plant, and Equipment Shareholders' Equity
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