Homework Help is Here – Start Your Trial Now!
Business
Accounting
Polis Corp.'s trial balance at December 31, 2020 is properly adjusted except for the income tax expense adjustment. PolisCorp. Trial Balance December 31, 2020 Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable and accrued liabilities Income taxes payable Future income tax liability Common shares Contributed surplus Retained earnings, Jan 1, 2020 Net sales and other revenues Costs and expenses Income tax expenses Income tax expenses Dr. $ 337,500 1,447,500 1,192.500 4,183,000 $2,775,500. 5,040,000 609,500 $12,890,000 Other financial data for the year ended December 31, 2020: Included in accounts receivable is $360,000 due from a customer and payable in quarterty instalments of $45,000. The last paymen The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 classed TIGE, HOW. $3,066,000. $2,567,500. $3,000,000. $990,500 342,000 37,500 1,675,000 1,340,000 2,325,000 6,180,000 5,040,000 689,500 $12,090,000 $12,090,000 $12,090,000 Other financial data for the year ended December 31, 2020: Included in accounts receivable is $360,000 due from a customer and payable in quarterly instalments of $45,000. The last payment is due December 29, 2022. The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 is classified as a current liability During the year, estimated tax payments of $330,000 were charged to income tax expense. The current and future tax rate on all types of income is 25 percent In Polis' December 31, 2020 statement of financial position, the final retained earnings balance is December 29, 2022. cument liability

Polis Corp.'s trial balance at December 31, 2020 is properly adjusted except for the income tax expense adjustment. PolisCorp. Trial Balance December 31, 2020 Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable and accrued liabilities Income taxes payable Future income tax liability Common shares Contributed surplus Retained earnings, Jan 1, 2020 Net sales and other revenues Costs and expenses Income tax expenses Income tax expenses Dr. $ 337,500 1,447,500 1,192.500 4,183,000 $2,775,500. 5,040,000 609,500 $12,890,000 Other financial data for the year ended December 31, 2020: Included in accounts receivable is $360,000 due from a customer and payable in quarterty instalments of $45,000. The last paymen The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 classed TIGE, HOW. $3,066,000. $2,567,500. $3,000,000. $990,500 342,000 37,500 1,675,000 1,340,000 2,325,000 6,180,000 5,040,000 689,500 $12,090,000 $12,090,000 $12,090,000 Other financial data for the year ended December 31, 2020: Included in accounts receivable is $360,000 due from a customer and payable in quarterly instalments of $45,000. The last payment is due December 29, 2022. The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 is classified as a current liability During the year, estimated tax payments of $330,000 were charged to income tax expense. The current and future tax rate on all types of income is 25 percent In Polis' December 31, 2020 statement of financial position, the final retained earnings balance is December 29, 2022. cument liability

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 12P: Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax...
See similar textbooks
icon
Related questions
Question
Do not give solution in image
Polis Corp.'s trial balance at December 31, 2020 is properly adjusted except for the income tax expense adjustment. PolisCorp. Trial Balance December 31, 2020 Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable and accrued liabilities Income taxes payable Future income tax liability Common shares Contributed surplus Retained earnings, Jan 1, 2020 Net sales and other revenues Costs and expenses Income tax expenses Dr. $337,500 1,447,500 1,192,500 4,183,000 $2,775,500. $3,066,000. 5,040,000 609,500 $12,890,000 $2,567,500. $3,000,000. $990,500 342,000 37,500 Other financial data for the year ended December 31, 2020: Included in accounts receivable is $360,000 due from a customer and payable in quarterly instalments of $45,000. The last payment The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 TYE, HOW Costs and expenses Income tax expenses 5,040,000 689,500 $12,090,000 1,675,000 1,340,000 2,325,000 6,180,000 $12,090,000 $12,090,000 Other financial data for the year ended December 31, 2020: Included in accounts receivable is $360,000 due from a customer and payable in quarterly instalments of $45,000. The last payment is due December 29, 2022. The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 is classified as a current liability. . During the year, estimated tax payments of $330,000 were charged to income tax expense. The current and future tax rate on all types of income is 35 percent In Polis' December 31, 2020 statement of financial position, the final retained earnings balance is due December 29, 2022. classified as a curent ability
Transcribed Image Text:Polis Corp.'s trial balance at December 31, 2020 is properly adjusted except for the income tax expense adjustment. PolisCorp. Trial Balance December 31, 2020 Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable and accrued liabilities Income taxes payable Future income tax liability Common shares Contributed surplus Retained earnings, Jan 1, 2020 Net sales and other revenues Costs and expenses Income tax expenses Dr. $337,500 1,447,500 1,192,500 4,183,000 $2,775,500. $3,066,000. 5,040,000 609,500 $12,890,000 $2,567,500. $3,000,000. $990,500 342,000 37,500 Other financial data for the year ended December 31, 2020: Included in accounts receivable is $360,000 due from a customer and payable in quarterly instalments of $45,000. The last payment The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 TYE, HOW Costs and expenses Income tax expenses 5,040,000 689,500 $12,090,000 1,675,000 1,340,000 2,325,000 6,180,000 $12,090,000 $12,090,000 Other financial data for the year ended December 31, 2020: Included in accounts receivable is $360,000 due from a customer and payable in quarterly instalments of $45,000. The last payment is due December 29, 2022. The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 is classified as a current liability. . During the year, estimated tax payments of $330,000 were charged to income tax expense. The current and future tax rate on all types of income is 35 percent In Polis' December 31, 2020 statement of financial position, the final retained earnings balance is due December 29, 2022. classified as a curent ability
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Income Taxes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS