Answered step by step
Verified Expert Solution
Question
1 Approved Answer
*********WILL RATE URGENT ASAP****** Can someone please complete 36-39 and then finish the worksheet, income statement, change in retained earnings, and balance sheet? begin{tabular}{|l|l} hline
*********WILL RATE URGENT ASAP****** Can someone please complete 36-39 and then finish the worksheet, income statement, change in retained earnings, and balance sheet?
\begin{tabular}{|l|l} \hline & \\ \hline 36. & June 30: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.] \end{tabular} \begin{tabular}{|l|l|} \hline & Closing Entries \\ \hline \end{tabular} 37. Close the revenue accounts. 38. Close the expense accounts. 39. Close the dividends account. A Byte of Accounting, Inc. Income Statement For Month Ending June 30, 2022 Revenues Computer \& Consulting Revenue A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending June 30, 2022 Stockholder's Equity Capital Stock Retained Earnings Total Total Liabilities and Stockholder's Equity \begin{tabular}{|l|l} \hline & \\ \hline 36. & June 30: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.] \end{tabular} \begin{tabular}{|l|l|} \hline & Closing Entries \\ \hline \end{tabular} 37. Close the revenue accounts. 38. Close the expense accounts. 39. Close the dividends account. A Byte of Accounting, Inc. Income Statement For Month Ending June 30, 2022 Revenues Computer \& Consulting Revenue A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending June 30, 2022 Stockholder's Equity Capital Stock Retained Earnings Total Total Liabilities and Stockholder's EquityStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started