1. Using information in the 2016 preliminary adjusted trial balance (attached), prepare the adjusting journal entry for Income Tax Expense for the full year 2016.
1. Using information in the 2016 preliminary adjusted trial balance (attached), prepare the adjusting journal entry for Income Tax Expense for the full year 2016.
2. Using information in the 2016 preliminary adjusted trial balance, combined with the adjusting entry for income taxes you did above, prepare the 2016 closing journal entries for TECHNOGYM.
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TECHNOGYM Adjusted Trial Balance December 31, 2016 Discontinued Ops Continuing Ops Credit Credit Credit it 12,730,908 18,187,500 it 12,606,258 18,187,500 124,650 Cash Accounts Receivable Allowance for Doubtful Accounts Income Tax Refund Receivable Inventory LIFO Reserve Purchases Construction in Progress Billings on Contracts Property, Plant & Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Notes Payable-Noncurrent Common Stock Retained Earnings Tech Tone Sales Revenue Sales Returns Building Revenues Loss on Sale of Discontinued Operation Cost of TechTone Equipment Sold Costs of Construction Bad Debt Expense Depreciation Expense Interest Expense General and Admin Expenses Income Tax Expense/(Benefit] TOTAL 862,769 862,769 20,060,000 20,060,000 175,000 175,000 31,200,000 31,200,000 32,000,000 52,800,000 52,800,000 43,680,000 17,640,000 2,659,914 43,680,000 17,640,000 2,659,914 30,000,000 1,500,000 3,439,340 140,482,500 30,000,000 16,632 19,994,900 3,422,708 120,487,600 280,965 39,990 240,975 13,751,000 13,751,000 125,200 68,447,500 15,151,500 842,768 12,000,000 905,215 53,458,967 125,200 10,270,000 58,177,500 15,151,500 842,768 10,560,000 905,215 45,447,275 1,440,000 8,011,692 20,011,532 -U,01i,532 20,011,532 266,178,991-2 266,178,991 0,150,32 = Income Tax Rate 34% Common Shares of Stock Outstanding 150,000 TECHNOGYM Adjusted Trial Balance December 31, 2016 Discontinued Ops Continuing Ops Credit Credit Credit it 12,730,908 18,187,500 it 12,606,258 18,187,500 124,650 Cash Accounts Receivable Allowance for Doubtful Accounts Income Tax Refund Receivable Inventory LIFO Reserve Purchases Construction in Progress Billings on Contracts Property, Plant & Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Notes Payable-Noncurrent Common Stock Retained Earnings Tech Tone Sales Revenue Sales Returns Building Revenues Loss on Sale of Discontinued Operation Cost of TechTone Equipment Sold Costs of Construction Bad Debt Expense Depreciation Expense Interest Expense General and Admin Expenses Income Tax Expense/(Benefit] TOTAL 862,769 862,769 20,060,000 20,060,000 175,000 175,000 31,200,000 31,200,000 32,000,000 52,800,000 52,800,000 43,680,000 17,640,000 2,659,914 43,680,000 17,640,000 2,659,914 30,000,000 1,500,000 3,439,340 140,482,500 30,000,000 16,632 19,994,900 3,422,708 120,487,600 280,965 39,990 240,975 13,751,000 13,751,000 125,200 68,447,500 15,151,500 842,768 12,000,000 905,215 53,458,967 125,200 10,270,000 58,177,500 15,151,500 842,768 10,560,000 905,215 45,447,275 1,440,000 8,011,692 20,011,532 -U,01i,532 20,011,532 266,178,991-2 266,178,991 0,150,32 = Income Tax Rate 34% Common Shares of Stock Outstanding 150,000
