The work sheet of PSI Company shows Income Tax Expense of $9,000 and Income Tax Payable of $9,000 in the Adjustments columns. What will be the ultimate disposition of these items on the work sheet?
a. Income Tax Expense will appear as a debit of $9,000 and Income Tax Payable as credit in the Balance Sheet columns.
b. Income Tax Expense will appear as a debit of $9,000 and Income Tax Payable as credit in the Income Statement columns.
c. Income Tax Expense will appear as a debit of $9,000 in the Balance Sheet columns and Income Tax Payable as credit in the Income Statement columns.
d. Income Tax Expense will appear as a debit of $9,000 in the Income Statement columns and Income Tax Payable as credit in the Balance Sheet columns.
D
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A local pizza restaurant purchased a delivery truck for $35,000 with cash six and a half years ago. The vehicle has been depreciated straight line assuming a ten year life. It was sold yesterday for $16,700. If the appropriate tax rate is 35%, how much does the sale contribute to net income and cash flow?
A) $1,557.50; $15,142.50 B) $2,892.50; $15,142.50 C) $4,450; $12,412.50 D) $12,250; $12,412.50
According to Transparency International's Corruption Perception Index (CPI), underdeveloped countries typically rank low in corruption
a. True b. False Indicate whether the statement is true or false