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All amounts are expressed in Canadian dollars and report normal balance. Account Balance Accounts payable $ 4,360 Accounts receivable $ 200 Advertising expense $ 3,200
All amounts are expressed in Canadian dollars and report normal balance. Account Balance Accounts payable $ 4,360 Accounts receivable $ 200 Advertising expense $ 3,200 Bank loan payable $ 8,000 Building (net value) $ 26,100 Cash $ 34,000 Common shares $ 16.000 Cost of goods sold S 92.000 Depreciation expense, $ 4,400 Building Income tax payable To determine Interest expense S 600 Inventory $ 10.800 Land $ 16.000 Prepaid rent S 9.200 Rent expense $ 1000 Retained earnings (opening balance January S 46,020 1. 2020) Sales revenue $ 168,000 Supplies S 400 Supplies expense $ 200 Uneamed revenue $ 2.400 Wages expense $ 18,000 Using Ben's Inc. account balances, as given in the prior question calculate 2- Operating expenses Answer: Using Ben's Inc. account balances, calculate 5- Income before income tax Answer: Using Ben's Inc. account balances, and assuming a 30 % tax rate, calculate 6- income tax expense
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