The work sheet of PSI Company shows Income Tax Expense of $9,000 and Income Tax Payable of $9,000 in the Adjustments columns. What will be the ultimate disposition of these items on the work sheet?
a. Income Tax Expense will appear as a debit of $9,000 and Income Tax Payable as credit in the Balance Sheet columns.
b. Income Tax Expense will appear as a debit of $9,000 and Income Tax Payable as credit in the Income Statement columns.
c. Income Tax Expense will appear as a debit of $9,000 in the Balance Sheet columns and Income Tax Payable as credit in the Income Statement columns.
d. Income Tax Expense will appear as a debit of $9,000 in the Income Statement columns and Income Tax Payable as credit in the Balance Sheet columns.
D
You might also like to view...
__________occurs when compliance with one role makes it impossible to comply with another role.
a. Role ambiguity b. Role conflict c. Role overload d. Role confusion
____ reports typically present data, analysis, and a conclusion.
A. Informational B. Analytical C. External D. Internal
Fact Pattern 12-1AJesse defends against a breach-of-contract suit by College Credit Corporation by claiming that their deal¾a student loan accruing interest at a certain rate and payable beginning on a certain date¾was unfair because the consideration for their contract was inadequate.Refer to Fact Pattern 12-1A. If, as Jesse claims, the consideration in this problem is inadequate, it may indicate a lack of
A. accord in Jesse's satisfaction with the value of the deal. B. bargained-for exchange or mutual assent. C. flexibility on the part of College Credit to accommodate Jesse's needs. D. "heft," "substance," or "weight" in the terms of the contract.
Currently in the United States, it is not legal to issue different classes of common stock. For instance, issuing two classes of common stock where one class has superior voting rights compared to the other
Indicate whether the statement is true or false