Listed below are a number of accounts. Use the table below to classify each account. Indicate whether it is a temporary or permanent account, whether it is included in the income statement or balance sheet, and if it is closed at the end of the accounting period and, if so, how it is closed. The first one is done as an example.
Definitions:
State Taxes
Taxes imposed by state governments on income, sales, property, and other activities within their jurisdiction.
Federal Government
The national government of a federated state, which shares sovereignty with the individual state or provincial governments.
Property Tax
A tax on the value of property, such as the value of a home.
Personal Taxes
Taxes levied on the income or property of individuals.
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