Martinez Ltd. made four quarterly payments of $4,000 each to the Receiver General for Canada during 2023 as instalment payments on its estimated 2023 corporate tax liability. At year end, Martinez's controller completed the company's 2023 tax return, which showed income tax owing of $10,300 on its 2023 income. (a) Your answer is incorrect. Prepare the adjusting year-end entry to recognize the 2023 income tax. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Income Tax Receivable Debit 4000 Credit
Martinez Ltd. made four quarterly payments of $4,000 each to the Receiver General for Canada during 2023 as instalment payments on its estimated 2023 corporate tax liability. At year end, Martinez's controller completed the company's 2023 tax return, which showed income tax owing of $10,300 on its 2023 income. (a) Your answer is incorrect. Prepare the adjusting year-end entry to recognize the 2023 income tax. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Income Tax Receivable Debit 4000 Credit
Chapter11: The Corporate Income Tax
Section: Chapter Questions
Problem 11MCQ
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Please Explain Proper Step by Step and Do Not Give Solution In Image Format And Fast Answering Please And Thanks In Advance ?
Transcribed Image Text:Martinez Ltd. made four quarterly payments of $4,000 each to the Receiver General for Canada during 2023 as instalment payments
on its estimated 2023 corporate tax liability. At year end, Martinez's controller completed the company's 2023 tax return, which
showed income tax owing of $10,300 on its 2023 income.
(a)
Your answer is incorrect.
Prepare the adjusting year-end entry to recognize the 2023 income tax. (Credit account titles are automatically indented when the
amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles
and enter O for the amounts)
Account Titles and Explanation
Income Tax Receivable
Income Tax Payable
Debit
4000
Credit
Anna
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