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Calculate the prepaid or property taxes payable

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Reference no: EM132484466

Question - City Wok Inc. paid $ 5,600 for property taxes in the 2020 calendar year. In 2021, City Wok Inc. receives its property tax bill on May 1 for $ 6,200 which is payable on June 30, 2021.

Instructions - Calculate the prepaid or property taxes payable that City Wok Inc. will report on its balance sheet if City Wok Inc.'s year end is:

a) February 28, 2021

b) May 31, 2021

c) September 30, 2021

d) December 31, 2021

Reference no: EM132484466

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