When the Bao Company filed its corporate tax retur
When the Bao Company filed its corporate tax returns for the first quarter of the current year, it owed a total of $6.7 million in corporate taxes. Bao paid $4.4 million of the tax bill, but still owes $2.3 million. It also received $478,000 in the second quarter as a down payment towards $942,000 in custom-built products to be delivered in the third quarter. Its financial accounts for the second for the second quarter most likely show the $2.3 million and the $478,000 as:
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2024-10-16 10:16:29
Ans: A.
The $478,000 is unearned revenue, a liability. The $2.3 million owned to the government but not yet paid is income tax payable, also a liability. Deferred tax accounts arise from temporary differences between tax reporting and financial reporting.
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