Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me4 4. The latest Adjusted Trial Balance of Eat Them All restaurant is given for Dec 31, 2013. Income Tax is 20% of

please help me4 image text in transcribed
image text in transcribed
4. The latest Adjusted Trial Balance of "Eat Them All" restaurant is given for Dec 31, 2013. Income Tax is 20% of IBT and payable in Jan 2014. Find the following amounts: Account DR CR Cash Net sales: 51,000 16,000 A/R Gross Profit Inventory 14,000 Income before tax Supplies 3,000 Income Tax: Equipments 44,000 Net Income: Acc-Dep(Equipment) 13,000 Total Current Assets Sales 90,000 Sales Returns Total Long Term Assets: 4,000 Rent Exp 20,000 Total Current Liabilities: A/P 8,000 Total Long Term Liabilities: U/P 1,000 Balance of Retained Earnings on Dec 31, 2013: Insurance Exp 2,000 Total Shareholders' Equity Wages Exp 30,000 Sales Returns 4,000 Rent Exp 20,000 A/P 8,000 U/P 1,000 Bala Insurance Exp 2,000 Wages Exp 30,000 Capital 21,000 Retained Earnings on Jan 1, 2013 37,000 Dividends 30,000 Service revenue 60,000 C.G.S 10,000 Sales Discount 6,000 Total 230,000 230,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Auditing Real Issues And Cases

Authors: Michael Chris Knapp

9th International Edition

1133187900, 978-1133187905

More Books

Students also viewed these Accounting questions

Question

The second you feel temptation, what should you immediately think?

Answered: 1 week ago