Cool Hats Ltd has paid the following PAYG tax instalments for the year ended 30 June: September

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Question:

Cool Hats Ltd has paid the following PAYG tax instalments for the year ended 30 June:

September Quarter 11,000

December Quarter 11,000

March Quarter 11,000

June Quarter 11,000

Total 44,000

Taxable income for the year ended 30 June, was $168,000. Company tax rate is 30%.

Required:

Arrange general journal entries to record the company's income tax instalments and final payment.

Related Book For answer-question

Introduction To Financial Accounting

ISBN: 978-0077138448

7th edition

Authors: Anne Marie Ward, Andrew Thomas

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Posted Date: Jun 21, 2023 05:03 AM

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Cool Hats Ltd has paid the following PAYG tax instalments for the year ended 30 June: September

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September Quarter PAYG Instalment Date September 30 Income Tax Expense 11000 Pay... View the full answer

Introduction To Financial Accounting

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