Shaddick Corp. began its 2011 fiscal year with a debit balance of $11,250 in its Income Taxes
Question:
Instructions
(a) Prepare all journal entries that are necessary to record the 2011 transactions and events.
(b) Indicate how the income taxes will be reported on Shaddick's December 31, 2011 balance sheet.
(c) Assume that the cheque from the CRA in early June is for $2,750. The difference arose because of calculation errors on Shaddick's tax return. How would the difference be accounted for and where would it be shown on Shaddick's financial statements?
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Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
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