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H3Ko H3Ko
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7 years ago
In regards to corporate income tax, which of the following statements is incorrect?
A) Income Tax Expense is recorded when the federal income tax is paid.
B) The amount income taxes that the corporation owes but has not yet paid is classified as a current liability.
C) When the corporation files its federal corporate tax return and makes payment, the account Income Tax Payable is credited.
D) Federal income taxes are calculated on a corporate tax return.
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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TanksTanks
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7 years ago
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H3Ko Author
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#2
7 years ago
I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right
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