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a. Calculate the income before income tax. Income Before Income Tax: $ _____________ b. Calculate the income tax expense. Income Tax Expense: $ _____________ c.
a. Calculate the income before income tax.
Income Before Income Tax: $ _____________
b. Calculate the income tax expense.
Income Tax Expense: $ _____________
c. Calculate the net income.
Net Income: $ ______________
All of the accounts of the Grass is Greener Company have been adjusted as of December 31, 2016, with the exception of income taxes incurred but not yet recorded. Those account balances appear below. All have normal balances. The estimated income tax rate for the company is 30%. 364,340 Cash Accounts Receivable 779,950 Interest Receivable 4.950 Prepaid Insurance 7,450 Prepaid Rent 12,500 223,400 Supplies Equipment 685,500 139,300 Accumulated Depreciation Equipment 294,700 Accounts Payable Unearned Revenue 90,100 Income Tax Payable 27,300 Salaries and Wages Payable 369,040 Notes Payable (long-term) 242,600 Long-Term Debt Common Stock 396,200 Retained Earnings 217,800 22,600 Dividends 943,000 Service Revenue Interest Revenue 127,100 349,200 Supplies Expense Repairs and Maintenance Expense 258,300 Depreciation Expense 60,350 31,800 Rent Exp ense Income Tax Expense UnknownStep by Step Solution
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