1. Is the account Discount on Notes Payable an income statement or a balance sheet account? 2. A fi rm’s year ends on December 31. Its tax is computed and submitted to the U.S. Treasury on March 15 of...

1. Is the account Discount on Notes Payable an income statement or a balance sheet account?

2. A fi rm’s year ends on December 31. Its tax is computed and submitted to the U.S. Treasury on March 15 of the following year. When should the taxes be reported as a liability?

May 26, 2022