For the year ended 30 June 20X1, Newhard Corporation had sales revenues of ($ 120000), operating expenses

Question:

For the year ended 30 June 20X1, Newhard Corporation had sales revenues of $\$ 120000$, operating expenses of $\$ 68000$ and other revenue of $\$ 2800$. The company is subject to a 30 per cent income tax rate and currently has 10000 shares held the entire year by shareholders. Required:

a Prepare the journal entry on 30 June 20X1 to record Newhard Corporation's 20X0 income taxes.

b Prepare a 20X0 income statement for Newhard Corporation.

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Muhammad Salman Alvi

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