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paul65
August 29, 2019
Question

In the standard chart of accounts corporation tax and dividend show as expense accounts. surely these should be equity?

  • August 29, 2019
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1 reply

Rustler
Rustler
August 29, 2019

tax due is a liability until paid, then it is an expense

 

same for dividends, when the board of directors authorizes a dividend it is a liability, when paid it becomes an expense

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