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15) The following balances are reflected in the records of Snakes-and-Ladders Company at the end of 2020. These amounts reflect balances after adjustments, but
15) The following balances are reflected in the records of Snakes-and-Ladders Company at the end of 2020. These amounts reflect balances after adjustments, but before the calculation of income tax expense. Accounts payable $281,700 Prepaid insurance $6,800 Property and 672,500 Contributed capital 380,600 equipment Cost of service 183,600 Other revenue 114,100 expense Supplies inventory 216,900 Deferred revenue 83,600 Service revenue 904,000 Depreciation expense 57,750 Bonds payable 229,600 Accounts receivable 607,550 Interest receivable 4,300 Rent expense 30,500 Retained earnings 187,400| Notes payable 356,040 Investments 146,400 Accumulated depreciation Supplies expense 336,200 Required: Cash Accrued liabilities Prepaid rent 128,900 Administrative and general expense (includes 64,300| interest, utilities, etc.) 351,340 23,400 11,200 Income tax payable 0 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.
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