The Following Data Are for the Grass Is Greener Company
Question 108
Question 108
Essay
The following data are for the Grass is Greener Company at the end of 2017,after adjustments,except for the calculation of income tax expense. Accounts payable Property and equipment Cost of service expense Supplies Service revenue Bonds payable Interest receivable Retained earnings Notes payable Investments Accumulated depreciation Supplies expense $281,700672,500183,600216,900904,000229,6004,300187,400356,040146,400128,900336,200 Prepaid insurance Contributed capital Other revenue Deferred revenue Depreciation expenseAccounts receivable Rent expense Cash Accrued liabilities Prepaid rent Administrative and general expense (includes interest, utilities, etc.) Income tax payable $6,800380,600114,10083,60057,750607,55030,500351,34023,40011,20064,3000
Required: A)Calculate the income before income tax. B)Calculate the income tax owed by the company if its tax rate is 40%. C)Calculate the net income. D)Prepare an adjusted trial balance. E)Prepare an income statement.
Correct Answer:
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_TB6814_00 D. _TB6814_00 E. GRASS Is cRE...
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