Question
42. Income taxes are to be computed at the rate of 25 percent of net income before taxes. [IMPORTANT NOTE: Since the income taxes are
| 42. | Income taxes are to be computed at the rate of 25 percent of net income before taxes. |
| [IMPORTANT NOTE: Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tax line. The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement.] |
| Account |
| Unadjusted Trial Balance | Adjusting Entries | Adjusted Trial Balance | |||
| Number | Name | Debit | Credit | Debit | Credit | Debit | Credit |
| 1110 | Cash | 77,470.45 | 0.00 | 450.00 | 0.00 | 77,920.45 | 0.00 |
| 1120 | Accounts Receivable | 1,094.00 | 0.00 | 18,800.00 | 0.00 | 19,894.00 | 0.00 |
| 1121 | Allowance for Doubtful Accounts | 0.00 | 0.00 | 0.00 | 371.40 | 0.00 | 371.40 |
| 1130 | Prepaid Insurance | 5,304.00 | 0.00 | 0.00 | 221.00 | 5,083.00 | 0.00 |
| 1140 | Prepaid Rent | 6,000.00 | 0.00 | 0.00 | 2,000.00 | 4,000.00 | 0.00 |
| 1150 | Office Supplies | 2,775.00 | 0.00 | 0.00 | 2,325.00 | 450.00 | 0.00 |
| 1211 | Office Equip. | 1,870.23 | 0.00 | 0.00 | 0.00 | 1,870.23 | 0.00 |
| 1212 | Accum. Depr.-Office Equip. | 0.00 | 0.00 | 0.00 | 66.31 | 0.00 | 66.31 |
| 1311 | Computer Equip. | 206,520.50 | 0.00 | 0.00 | 0.00 | 206,520.50 | 0.00 |
| 1312 | Accum. Depr.-Computer Equip. | 0.00 | 0.00 | 0.00 | 6,550.68 | 0.00 | 6,550.68 |
| 1411 | Building Cost | 125,000.00 | 0.00 | 0.00 | 0.00 | 125,000.00 | 0.00 |
| 1412 | Accum. Depr.-Building | 0.00 | 0.00 | 0.00 | 357.01 | 0.00 | 357.01 |
| 1510 | Land | 24,000.00 | 0.00 | 0.00 | 0.00 | 24,000.00 | 0.00 |
| 2101 | Accounts Payable | 0.00 | 3,615.00 | 0.00 | 0.00 | 0.00 | 3,615.00 |
| 2102 | Advanced Payments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2103 | Interest Payable | 0.00 | 0.00 | 0.00 | 1,451.17 | 0.00 | 1,451.17 |
| 2105 | Salaries Payable | 0.00 | 0.00 | 0.00 | 546.00 | 0.00 | 546.00 |
| 2106 | Income Taxes Payable | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2201 | Mortgage Payable | 0.00 | 134,100.00 | 0.00 | 0.00 | 0.00 | 134,100.00 |
| 2202 | Notes Payable | 0.00 | 93,750.00 | 0.00 | 0.00 | 0.00 | 93,750.00 |
| 3100 | Capital Stock | 0.00 | 68.63 | 0.00 | 0.00 | 0.00 | 68.63 |
| 3110 | Paid-in Capital in Excess of Par Value | 0.00 | 205,890.00 | 0.00 | 0.00 | 0.00 | 205,890.00 |
| 3200 | Retained Earnings | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 3300 | Dividends | 1,029.45 | 0.00 | 0.00 | 0.00 | 1,029.45 | 0.00 |
|
|
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 4100 | Computer & Consulting Revenue | 0.00 | 17,890.00 | 0.00 | 19,250.00 | 0.00 | 37,140.00 |
| 5010 | Rent Expense | 0.00 | 0.00 | 2,000.00 | 0.00 | 2,000.00 | 0.00 |
| 5020 | Salary Expense | 1,820.00 | 0.00 | 546.00 | 0.00 | 2,366.00 | 0.00 |
| 5030 | Advertising Expense | 475.00 | 0.00 | 0.00 | 0.00 | 475.00 | 0.00 |
| 5040 | Repairs & Maint. Expense | 1,115.00 | 0.00 | 0.00 | 0.00 | 1,115.00 | 0.00 |
| 5050 | Oil & Gas Expense | 840.00 | 0.00 | 0.00 | 0.00 | 840.00 | 0.00 |
| 5080 | Supplies Expense | 0.00 | 0.00 | 2,325.00 | 0.00 | 2,325.00 | 0.00 |
| 5090 | Interest Expense | 0.00 | 0.00 | 1,451.17 | 0.00 | 1,451.17 | 0.00 |
| 5100 | Insurance Expense | 0.00 | 0.00 | 221.00 | 0.00 | 221.00 | 0.00 |
| 5110 | Depreciation Expense | 0.00 | 0.00 | 6,974.00 | 0.00 | 6,974.00 | 0.00 |
| 5120 | Bad Debt Expense | 0.00 | 0.00 | 371.40 | 0.00 | 371.40 | 0.00 |
| 5130 | Bank Expense | 0.00 | 0.00 | 40.00 | 0.00 | 40.00 | 0.00 |
| 5140 | Telephone Expense | 0.00 | 0.00 | 240.00 | 0.00 | 240.00 | 0.00 |
| 5150 | Income Taxes Expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|
|
|
|
|
|
|
|
|
|
| Total | 455,313.63 | 455,313.63 | 33,418.57 | 33,138.57 | 484,186.20 | 483,906.20 |
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Of Synthetic Finance Three Essays Of Speculative Materialism
Authors: Benjamin Lozano
1st Edition
1138790842, 978-1138790841
