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pol6ca
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How do you create an income tax liability in a business GL?
Taxes are determined at year end as a percentage of income and you create a liabilty/payable to the government, but where does the other side of the ledger come from, the credit/debit part? What asset would it go against?
1 Answer
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- Anonymous1 decade agoFavorite Answer
Equity / Retained Earnings.
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