If you also had to calculate the income tax payable and income tax expense (30%) in the t-accounts for Chapter 3, Problem 4P, how would you go about doing so?

Kaylee James opened Kaylee's Sweets in Collegetown on February 1. Your duties include maintaing the store's financial records. The following transactions occured in February, the first month of operations.

a. Received four shareholders' contributions totaling $30,200 cash to form the corporation; issued 400 shares of $0.1o par value common stock. b. Paid three months' rent for the store at $1,750 per month (recorded as prepaid expenses) c. Purchased and received candy for $6,000 on account, due in 60 days d. Purchased supplies for $1,560 cash e. Negotiated and signed a two-year $11,000 loan at the bank, receiving cash at the time. f. Used the money from (e) to purchase a computer for $2,750 (for recordkeeping and inventory tracking); used the balance for furniture and fixtures for the store. g. Placed a grand opening advertisement in the local paper for $400 cash; the ad ran in the current month h. Made sales on Valentine's Day totaling $3,500; $2,675 was in cash and the rest on accounts receivable. The cost of the candy sold was $1,600. i. Made a $550 payment on accounts payable. j. Incurred and paid employee wages of $1,300. k. Collected accounts receivable of $600 from customers. l. Made a repair to one of the display cases for $400 cash. m. Made cash sales of $1,200 during the rest of the month. The cost of the candy sold was $600 a. Received four shareholders' contributions totaling $30,200 cash to form the corporation; issued 400 shares of $0.1o par value common stock. b. Paid three months' rent for the store at $1,750 per month (recorded as prepaid expenses) c. Purchased and received candy for $6,000 on account, due in 60 days d. Purchased supplies for $1,560 cash e. Negotiated and signed a two-year $11,000 loan at the bank, receiving cash at the time. f. Used the money from (e) to purchase a computer for $2,750 (for recordkeeping and inventory tracking); used the balance for furniture and fixtures for the store. g. Placed a grand opening advertisement in the local paper for $400 cash; the ad ran in the current month h. Made sales on Valentine's Day totaling $3,500; $2,675 was in cash and the rest on accounts receivable. The cost of the candy sold was $1,600. i. Made a $550 payment on accounts payable. j. Incurred and paid employee wages of $1,300. k. Collected accounts receivable of $600 from customers. l. Made a repair to one of the display cases for $400 cash. m. Made cash sales of $1,200 during the rest of the month. The cost of the candy sold was $600