DEBITS CREDITS 200000 10000 1500 3000 10000 2000 50000 500 25000 ACCOUNT TYPE current assets current assets current assets current assets current assets current assets long term assets long term assets long term assets long term assets long term assets current liabilities current liabilities current liabilities long erm liabilities long erm liabilities shareholder's equity shareholder's equity shareholder's equity shareholder's equity ACCOUNT NAME cash and cash equivalents Accounts Receivable Allowance for Doubtful Accounts Inventory prepaid expenses marketable securities Building Accumulated Depreciation: Building truckes accumulated depriciation.truck property divident notes payable account payable bonds payable long term loans Common Shares preferred stock Retained Earnings Accumulated Other Comprehensive Income 300 60000 20000 25000 60000 2800 7000 48000 9500 8200 7500 8900 4500 Revenue income tax Revenue service revenue Revenue Sales Returns & Allowances Operating Expenses Cost of Goods Sold Operating Expenses rent Operating Expenses insurance Operating Expenses office suppliers Operating Expenses property tax Operating Expenses mantaince Other Non-Operating Expenses, Revenues, Gains or Los Interest Expense (on Long Term Debt) Other Non-Operating Expenses, Revenues, Gains or Los Gain (or Loss) on Sale of Property, Plant & Equipment (PPE) Other Non-Operating Expenses, Revenues, Gains or losses Other Non-Operating Expenses, Revenues, Gains or Losses Income Tax Expense or Recovery - Continuing Operatio Income Tax Expense (Recovery) - Continuous Operations Other Comprehensive Income (OCI) Unrealized Gains (Losses) through OCI Other Comprehensive Income (OC) Income Tax Expense (Recovery) - OCI TOTAL 9500 12000 7600 6100 6600 8000 4000 USE THIS AREA FOR YOUR ROUGH WORK TO CALCULATE INCOME TAX on CONTINUING OPERATIONS: Total all income Statement Credit balances: Total all Income Statement Debit balances: Net Income (or Loss) before Income Tax Tax Rate assumption: Income Tax - Continuous Operations Debit (Credit) Note: Income Tax on Income is a Expense (Debit) & Income Tax on a Loss is a Recovery (Credit)