James Kimberley President Of National Motors Receives A Bonus.xlsx
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bonus Pfts tax PBIT
$ $
10% 1,500,000.00 30% 5,000,000.00
Ques 1 Date
Account title
Dec-31 Salaries expense Bonus payable (5000000-1500000)*0.1 Income tax expense income tax payable (5000000-350000)*0.3
debit $
$
credit 350,000
$ $
350,000
$
1,395,000
1,395,000
Ques 2 Balance sheet Current Liabilities: Bonus paybale Income taxes payable
$
350,000 1,395,000
$ $
10% 1,500,000.00 30% 5,000,000.00
Ques 1 Date
Account title
Dec-31 Salaries expense Bonus payable (5000000-1500000)*0.1 Income tax expense income tax payable (5000000-350000)*0.3
debit $
$
credit 350,000
$ $
350,000
$
1,395,000
1,395,000
Ques 2 Balance sheet Current Liabilities: Bonus paybale Income taxes payable
$
350,000 1,395,000
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