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 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 …
Accounting Trial Balance Example and Financial Statement …
WebJan 19, 2024 · determine balances of each of the ledger accounts. record each ledger account in the debit or the credit column of your trial balance sheet. Say any of your ledger accounts have a nil balance. In such a case, you must record such an account as nil or zero in your trial balance sheet. calculate the total of your trial balance sheet’s debit column. WebIncome tax is calculated for a business entity or individual over a particular period, usually over the financial year. This formula is simply the tax rate multiplied by the taxable income of the business or individual. Firstly, the taxable income of the individual and taxable earnings of the business entity is to be determined. slow pitching fishing
3.6 Prepare a Trial Balance - Principles of Accounting
WebIncome tax given in trial balance sheet A. In profit loss account B. In trading account C. Trading account and balance sheet D. As deduction from capital in balance sheet Answer: Option D Join The Discussion * Related User Ask Questions Which of the following is not a primary function of a Bank? A. Granting Loans WebSince the prepaid wages that appear in the trial balance are not deducted from the wages in the trading account because the double-entry of accounts in the trial balance has taken place already, it is not needed to be posted again, this will show the incorrect position of the accounts. ... Income tax paid by a proprietor R s. 3, 0 0 0 appearing ... WebNotice the net income of $4,665 from the income statement is carried over to the statement of retained earnings. Dividends are taken away from the sum of beginning retained earnings and net income to get the ending retained earnings balance of $4,565 for January. software to open a blu ray disc player