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All of the accounts of the Grass is Greener Company have been adjusted as of December 31, 2018, with the exception of Income taxes incurred
All of the accounts of the Grass is Greener Company have been adjusted as of December 31, 2018, 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 40%. Cash Accounts Receivable Interest Receivable Prepaid Insurance Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Revenue Income Tax Payable Salaries and Wages Payable Notes Payable (long-term) Long-Term Debt Common Stock Retained Earnings Dividends Service Revenue Interest Revenue Supplies Expense Repairs and Maintenance Expense Depreciation Expense Rent Expense Income Tax Expense $ 355,340 761,950 4,500 7,000 11,600 218,900 676,500 132,100 285,700 85,600 0 24,600 360,040 233,600 385,400 210,600 20,800 916,000 118,100 340,200 251,100 58,550 30,900 Unknown Required: a. Calculate the income before income tax. b. Calculate the income tax expense. c. Calculate the net income. Income Before Income Tax Income Tax Expense Net Income
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