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I've filled out all the appropriate information for the income statement, but for some reason, it does not like my number for income before taxes.
I've filled out all the appropriate information for the income statement, but for some reason, it does not like my number for income before taxes. I tried to simply do service revenue - total operating expenses, but that did not give the correct answer. How can I find the correct income before taxes?
Required information [The following information applies to the questions displayed below.] Tunstall, Incorporated, a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $210 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $730. c. Depreciation expense for the current year, $4,100. d. Wages earned by employees not yet paid on December 31,$670. e. Three months of interest expense (for the note payable borrowed on October 1 of the current year) was incurred in the current year. f. Income tax expense, $5,580. 2-a. Prepare an income statement (with Operating Income and Other Items sections) that include the effects of the preceding six transactions. 2-b. Prepare a classified balance sheet that include the effects of the preceding five transactions. x Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare an income statement (with Operating Income and Other Items sections) that include the effects of the preceding six transactions. Note: Round "Earnings per share" to 2 decimal placesStep by Step Solution
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