79 35 . 80 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.] B1 82 83 84 Closing Entries 36. Close the revenue accounts 85 86 87 37. Close the expense accounts 88 38. Close the income summary account 89 90 39. Close the dividends account 91 92 93 94 95