Question
4. The latest Adjusted Trial Balance of Eat Them All restaurant is given for Dec 31, 2013. Income Tax is 20% of IBT and payable
4. The latest Adjusted Trial Balance of Eat Them All restaurant is given for Dec 31, 2013. Income Tax is 20% of IBT and payable in Jan 2014. Find the following amounts:
Account | DR | CR |
Cash | 51,000 | |
A/R | 16,000 | |
Inventory | 14,000 | |
Supplies | 3,000 | |
Equipments | 44,000 | |
Acc-Dep(Equipment) | 13,000 | |
Sales | 90,000 | |
Sales Returns | 4,000 | |
Rent Exp | 20,000 | |
A/P | 8,000 | |
U/P | 1,000 | |
Insurance Exp | 2,000 | |
Wages Exp | 30,000 | |
Capital | 21,000 | |
Retained Earnings on Jan 1, 2013 | 37,000 | |
Dividends | 30,000 | |
Service revenue | 60,000 | |
C.G.S | 10,000 | |
Sales Discount | 6,000 | |
Total | 230,000 | 230,000 |
Net sales: ________ Gross Profit: _________
Income before tax:________
Income Tax: _______
Net Income: _______
Total Current Assets:________
Total Long Term Assets: ________
Total Current Liabilities: ________
Total Long Term Liabilities: ________
Balance of Retained Earnings on Dec 31,2013: _______
Total Shareholders Equity: ________
5. Show the journal entries for closing the temporary accounts for the above trial balance. Then update the T-account for RE.
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