Assume a corporation underestimated its income tax liability for the year by $4,000 . What, if any, end-of-period adjustment is required?
a. The adjusting entry contains a debit to Income Tax Expense for $4,000, and a credit to Cash for $4,000.
b. The adjusting entry contains a debit to Income Tax Payable for $4,000, and a credit to Income Tax Expense for $4,000.
c. The adjusting entry contains a debit to Income Tax Expense for $4,000, and a credit to Income Tax Payable for $4,000.
d. The adjusting entry contains a debit to Accounts Payable for $4,000, and a credit to Cash for $4,000.
e. No adjustment is required.
c
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Which of the following statements is true?
a. In a pre-billing system, invoices are prepared after the goods have been shipped and the sales order notification has been matched to the shipping's billing notification. b. In a post-billing system, invoices are prepared upon acceptance of the customer order. c. Of the two types of billing systems discussed in the text, the pre-billing system requires the more accurate inventory records. d. Of the two types of billing systems discussed in the text, the pre-billing system is appropriate in situations where there is a significant delay between acceptance of the customer's order and the subsequent shipment.
Identify the correct statement about marketing management
A) It is primarily concerned with the systematic gathering, recording, and analysis of data about issues related to marketing products and services. B) It focuses mostly on monitoring the profitability of a company's products and services. C) It focuses solely on attaining an organization's sales goals in an efficient manner. D) It is defined as the field that deals with planning and managing a business at the highest level of corporate hierarchy. E) It occurs when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties.
Preparing a bank reconciliation on a monthly basis is an example of:
A. Establishing responsibility. B. A technological control. C. Separation of duties. D. Poor internal control. E. Protecting assets by proving the accuracy of cash records.
Three copies of the contract ____ been sent to your office
A) has B) have