Compute the Income Tax Expense, Given;

Assets=$75,000, Expenses=$85,000, Liabilities=$40,000, Revenues=$150,000, Income Tax Rate=30%.

Show your answer as a number only, no dollar signs, commas, decimals.

The Basic Definition of "Closing" an Account is;

* Group of answer choices

* To Reset the Balance to Zero

* To Adjust the Account to its Correct Balance

* To Delete the Account

* To Record the Account in the Trial Balance

* To Move the Balance to the Cash Account