Refer to the information about Clausius Ltd. in BE13-9. Assume instead that the tax return indicated 2011 income taxes of $10,200. Identify any year-end balance sheet amount that is related to income taxes and indicate where it would be reported.
Answer to relevant QuestionsWhirled Corporation’s weekly payroll of $23,000 included employee income taxes withheld of $3,426, CPP withheld of $990, EI withheld of $920, and health insurance premiums withheld of $250. Prepare the journal entries to ...Mayaguez Corporation pays its officers bonuses based on income. For 2011, the bonuses total $350,000 and are paid on February 15, 2012. Prepare Mayaguez’s December 31, 2011 adjusting entry and the February 15, 2012 entry. Henry Corporation sells DVDs. The corporation also offers to sell its customers a two-year warranty contract as a separate service. During 2011, Henry sold 20,000 warranty contracts at $99 each. The corporation spent ...At December 31, 2011, Burr Corporation owes $500,000 on a note payable due February 15, 2012. Assume that Burr follows IFRS and that the financial statements are completed and released on February 20, 2012. (a) If Burr ...Winslow Corporation sold 150 colour laser copiers in 2011 for $4,000 each, including a one-year warranty. Maintenance on each machine during the warranty period aver ages $300. Instructions (a) Prepare entries to record the ...
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