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Please Help me with Part B and Part C (dont know what part C is) The incomplete income statement of Swifty Corp. follows. The employee
Please Help me with Part B and Part C (dont know what part C is)
The incomplete income statement of Swifty Corp. follows. The employee profit-sharing plan requires that 10% of all profits remaining after the deduction of the bonus and income tax be distributed to the employees by the first day of the fourth month following each year end. Swifty follows ASPE, the income tax rate is 50%, and the bonus is tax-deductible. (a) Complete the condensed income statement of Swifty for the year ended December 31, 2023. You will need to develop two simultaneous equations to solve for the bonus amount: one for the bonus and one for the tax. (Round answers to 0 decimal places, e.g. 5,275.) Prepare the journal entry to record the bonus at December 31, 2023. (Round answers to 0 decimal places, e.g. 5.275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.] eTextbook and Media List of Accounts Attempts: 0 of 2 used Using multiple attempts will impact your score. 25% score reduction after attempt 1 (c) The parts of this question must be completed in order. This part will be available when you complete the part above. The incomplete income statement of Swifty Corp. follows. The employee profit-sharing plan requires that 10% of all profits remaining after the deduction of the bonus and income tax be distributed to the employees by the first day of the fourth month following each year end. Swifty follows ASPE, the income tax rate is 50%, and the bonus is tax-deductible. (a) Complete the condensed income statement of Swifty for the year ended December 31, 2023. You will need to develop two simultaneous equations to solve for the bonus amount: one for the bonus and one for the tax. (Round answers to 0 decimal places, e.g. 5,275.) Prepare the journal entry to record the bonus at December 31, 2023. (Round answers to 0 decimal places, e.g. 5.275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.] eTextbook and Media List of Accounts Attempts: 0 of 2 used Using multiple attempts will impact your score. 25% score reduction after attempt 1 (c) The parts of this question must be completed in order. This part will be available when you complete the part aboveStep by Step Solution
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