WebJan 25, 2024 · Income tax payable is a term given to a business organization’s tax liability to the government where it operates. The amount of liability will be based on Corporate … WebIncome tax expense 30,000 Net Income $73,700 Example #1 A portion of the adjusted trial balance for the G Company is shown below. Sales (net of $8,000 sales discounts and $24,500 sales returns and allowances) $417,500 Cost of goods sold $210,000 Salaries expense 38,000 Depreciation expense—building 40,000

Discount Allowed and Discount Received - Journal

WebSometimes errors may occur in the accounting process, and the trial balance can make those errors apparent when it does not balance.... Skip to Content Go to accessibility page … WebDiscount Received in Trial Balance. Trial Balance shows the ledger balances of all the accounts. The debit and credit sides of the trial balance should be equal. The discount received is an income for the buyer. Hence, the balance of the discount received account is shown on the credit side. Difference Between Discount Allowed and Discount Received pillsbury cookie dough sugar cookie

Income Tax Expense on Income Statement (Formula, Calculation)

WebQuestion: Which of the following accounts will appear on the post-closing trial balance? Multiple Choice 626 Miscellaneous Income Payroll Taxes Expense Medicare Tax Payable Sales < Prev 12 of 19 lll Next > 8 2 0 Show transcribed image text Expert Answer 100% (4 ratings) After the closing entry made ,all revenue and … View the full answer WebIncorrect inclusion towards ledger accounts – For example that is, at the end of the financial year, while tallying the capital account, the credit amount of $ 9,900 wrongly taken as $ 8,900; As a result of this error, the credit side total of the trial balance will be $ 1,000 short. WebE) Temporary accounts will appear on a post-closing trial balance. F) Most temporary accounts are reported on the income statement. A) Permanent accounts are reported on … pillsbury cookie jar collection