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Posted on Aug 30, 2024

Please help on number #42 42. Income taxes are to be computed at the rate of 25 percent of net income before taxes. [IMPORTANT NOTE:

Please help on number #42

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42. Income taxes are to be computed at the rate of 25 percent of net income before taxes. [IMPORTANT NOTE: Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tax line. The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement.] 36,645.00 39 39 Jun 30 Jun 30 4100 Computer & Consulting R close revenue accounts 3400 Income Summary close revenue accounts 36,645.00 869.67 40 40 Jun 30 Jun 30 5120 Bad Debt Expense 2106 Income Taxes Payable tax expense tax expense 869.67 41 Jun 30 42 Jun 30 43 Jun 30 15,955.64 44 44 44 44 44 44 44 44 44 44 44 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 3400 Income Summary close expense accounts 5010 Rent Expense close expense accounts 5020 Salary Expense close expense accounts 5030 Advertising Expense close expense accounts 5040 Repairs & Maint. Expense close expense accounts 5050 Oil & Gas Expense close expense accounts 5080 Supplies Expense close expense accounts 5090 Interest Expense close expense accounts 5100 Insurance Expense close expense accounts 5110 Depreciation Expense close expense accounts 5120 Bad Debt Expense close expense accounts 2,100.00 2,171.00 325.00 1,190.00 990.00 303.00 1,423.86 242.00 3,814.32 3,396.46 10,189.36 45 45 Jun 30 Jun 30 3400 Income Summary 3200 Retained Eamings close income summary account close income summary account 10,189.36 1.237.68 46 46 Jun 30 Jun 30 3200 Retained Eamings 3300 Dividends close dividends account close dividends account 1,237.68 A Byte of Accounting, Inc. Worksheet For Period Ending June 30, 2021 Income Statement Debit Credit Balance Sheet Debit Credit 0.00 Account Number Name 1110 Cash 1120 Accounts Receivable 1121 Allowance for Doubtful Accounts 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 1211 Office Equip 1212 Accum. Depr.-Office Equip. 1311 Computer Equip. 1312 Accum. Depr.-Computer Equip 1411 Building Cost 1412 Accum. Depr.-Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3110 Paid-in Capital in Excess of Par Value 3200 Retained Earnings 3300 Dividends Unadjusted Trial Balance Debit Credit 121,465.76 0.00 1,250.00 0.00 0.00 6.480.00 0.00 7,500.00 0.00 1,225.00 0.00 2.040.26 0.00 0.00 0.00 196,220.40 0.00 0.00 0.00 125,000.00 0.00 0.00 0.00 24,000.00 0.00 0.00 4,755.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 134,100.00 0.00 87,250.00 0.00 252,509.46 0.00 0.00 0.00 0.00 3.713.04 0.00 0.00 0.00 0.00 17,645.00 0.00 0.00 2,070.00 0.00 475.00 0.00 2,580.00 0.00 840.00 0.00 1.400.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Adjusting Entries Debit Credit 0.00 0.00 19,000.00 0.00 0.00 0.00 0.00 270.00 0.00 2,500.00 0.00 369.00 0.00 0.00 0.00 18.34 0.00 0.00 0.00 3,270.34 0.00 0.00 0.00 312.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,482.73 0.00 621.00 0.00 869.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17,645.00 0.00 2,500.00 0.00 621.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 369.00 0.00 1,482.73 0.00 3,870.85 0.00 0.00 0.00 869.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Adjusted Trial Balance Debit Credit 121,465.76 0.00 20,250.00 0.00 0.00 0.00 6.210.00 0.00 5,000.00 0.00 856.00 0.00 2,040.26 0.00 0.00 18.34 196,220.40 0.00 0.00 3,270.34 125,000.00 0.00 0.00 312.17 24,000.00 0.00 0.00 4,755.00 0.00 0.00 0.00 1,482.73 0.00 621.00 0.00 869.67 0.00 134,100.00 0.00 87,250.00 0.00 252,509.46 0.00 0.00 0.00 0.00 3,713.04 0.00 0.00 0.00 0.00 0.00 2,500.00 0.00 2,691.00 0.00 475.00 0.00 2,580.00 0.00 840.00 0.00 1,769.00 0.00 1,482.73 0.00 3,870.85 0.00 0.00 0.00 869.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4100 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5040 Repairs & Maint. Expense 5050 Oil & Gas Expense 5080 Supplies Expense 5090 Interest Expense 5100 Insurance Expense 5110 Depreciation Expense 5120 Bad Debt Expense 5130 Bank Expense 5140 Telephone Expense 5150 Income Taxes Expense 496,259.46 496 259.46 46.358.25 9,713.25 521,833.71 485, 188.71 Total NET INCOME Balance O 42. Income taxes are to be computed at the rate of 25 percent of net income before taxes. [IMPORTANT NOTE: Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tax line. The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement.] 36,645.00 39 39 Jun 30 Jun 30 4100 Computer & Consulting R close revenue accounts 3400 Income Summary close revenue accounts 36,645.00 869.67 40 40 Jun 30 Jun 30 5120 Bad Debt Expense 2106 Income Taxes Payable tax expense tax expense 869.67 41 Jun 30 42 Jun 30 43 Jun 30 15,955.64 44 44 44 44 44 44 44 44 44 44 44 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 3400 Income Summary close expense accounts 5010 Rent Expense close expense accounts 5020 Salary Expense close expense accounts 5030 Advertising Expense close expense accounts 5040 Repairs & Maint. Expense close expense accounts 5050 Oil & Gas Expense close expense accounts 5080 Supplies Expense close expense accounts 5090 Interest Expense close expense accounts 5100 Insurance Expense close expense accounts 5110 Depreciation Expense close expense accounts 5120 Bad Debt Expense close expense accounts 2,100.00 2,171.00 325.00 1,190.00 990.00 303.00 1,423.86 242.00 3,814.32 3,396.46 10,189.36 45 45 Jun 30 Jun 30 3400 Income Summary 3200 Retained Eamings close income summary account close income summary account 10,189.36 1.237.68 46 46 Jun 30 Jun 30 3200 Retained Eamings 3300 Dividends close dividends account close dividends account 1,237.68 A Byte of Accounting, Inc. Worksheet For Period Ending June 30, 2021 Income Statement Debit Credit Balance Sheet Debit Credit 0.00 Account Number Name 1110 Cash 1120 Accounts Receivable 1121 Allowance for Doubtful Accounts 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 1211 Office Equip 1212 Accum. Depr.-Office Equip. 1311 Computer Equip. 1312 Accum. Depr.-Computer Equip 1411 Building Cost 1412 Accum. Depr.-Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3110 Paid-in Capital in Excess of Par Value 3200 Retained Earnings 3300 Dividends Unadjusted Trial Balance Debit Credit 121,465.76 0.00 1,250.00 0.00 0.00 6.480.00 0.00 7,500.00 0.00 1,225.00 0.00 2.040.26 0.00 0.00 0.00 196,220.40 0.00 0.00 0.00 125,000.00 0.00 0.00 0.00 24,000.00 0.00 0.00 4,755.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 134,100.00 0.00 87,250.00 0.00 252,509.46 0.00 0.00 0.00 0.00 3.713.04 0.00 0.00 0.00 0.00 17,645.00 0.00 0.00 2,070.00 0.00 475.00 0.00 2,580.00 0.00 840.00 0.00 1.400.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Adjusting Entries Debit Credit 0.00 0.00 19,000.00 0.00 0.00 0.00 0.00 270.00 0.00 2,500.00 0.00 369.00 0.00 0.00 0.00 18.34 0.00 0.00 0.00 3,270.34 0.00 0.00 0.00 312.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,482.73 0.00 621.00 0.00 869.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17,645.00 0.00 2,500.00 0.00 621.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 369.00 0.00 1,482.73 0.00 3,870.85 0.00 0.00 0.00 869.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Adjusted Trial Balance Debit Credit 121,465.76 0.00 20,250.00 0.00 0.00 0.00 6.210.00 0.00 5,000.00 0.00 856.00 0.00 2,040.26 0.00 0.00 18.34 196,220.40 0.00 0.00 3,270.34 125,000.00 0.00 0.00 312.17 24,000.00 0.00 0.00 4,755.00 0.00 0.00 0.00 1,482.73 0.00 621.00 0.00 869.67 0.00 134,100.00 0.00 87,250.00 0.00 252,509.46 0.00 0.00 0.00 0.00 3,713.04 0.00 0.00 0.00 0.00 0.00 2,500.00 0.00 2,691.00 0.00 475.00 0.00 2,580.00 0.00 840.00 0.00 1,769.00 0.00 1,482.73 0.00 3,870.85 0.00 0.00 0.00 869.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4100 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5040 Repairs & Maint. Expense 5050 Oil & Gas Expense 5080 Supplies Expense 5090 Interest Expense 5100 Insurance Expense 5110 Depreciation Expense 5120 Bad Debt Expense 5130 Bank Expense 5140 Telephone Expense 5150 Income Taxes Expense 496,259.46 496 259.46 46.358.25 9,713.25 521,833.71 485, 188.71 Total NET INCOME Balance O