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Ice Crystal Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end May 3 1 , 2 0
Ice Crystal Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end May The following information has been taken from the adjusted trial balance:
Cash
Inventory
Sales
Interest Expense
Notes Payable
Unearned Revenue
Retained Earnings June
Salaries Expense
Supplies Expense
Accounts Payable
Income tax Payable
Common shares
Accounts receivable
Cost of goods sold
Insurance expenses
$ $
For the fiscal year, Ice Crystal Inc. has a tax rate of
Instructions Please answer the below three questions. Note: USE Excel for linking the numbers from the above trial balance link by using and then clicking on the cell Also use formulas in Excel for any calculations.
a Prepare a multistep income statement and the required journal entry to adjust income tax expense.
b Prepare a statement of retained earnings. Assume no dividends were declared during the year.
c Prepare closing entries.
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