Hello Allan,
I have prepared my 2019 financial statement and balance sheet for my small business corporate return.
I just need clarification on how to document the income tax and HST for the year.
I made installment payments of $4000 for HST and $2000 for Income tax during 2019.
Total HST payable for 2019 is $4057 and for Income tax payable $2840
Total HST payable $4057 minus installment of $4000, balance owing $57
Total Income tax payable $2840 minus installment of $2000, balance owing $840
Where do I show these amounts on the balance sheet.
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