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Please help, i am getting partial credit with my answers and i am not sure which ones I am getting wrong l Mahmoud Manufacturing buys
Please help, i am getting partial credit with my answers and i am not sure which ones I am getting wrong
l
Mahmoud Manufacturing buys rugs to resell to customers. Mahmoud's December 31st T-Account balances, before recording Tax Expense and the closing journal entry. are below. 1,790 210 9.230 1,200 300 960 640 90 Cash Accounts Receivable Inventory Equipment Accounts Payable Salary Expense Salary Payable Interest Expense Additional Paid In Capital Notes Payable Retained Earnings Rug Revenue Cost of Goods Sold Rent Expense Common Stock Tax Expense Tax Payable 3,000 4,530 0 6,225 1,040 465 30 0 0 Using the above information, Mahmoud first records his income tax expense, and then makes his closing entry. How much will Mahmoud debitor credit Retained Earnings for in his closing journal entry? Assume an income tax rate of 3% of net income before taxes. Use a negative number to represent a debit to Retained Earnings. Round your final answer to one decimal place. -111.9 Step by Step Solution
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