4. The latest Adjusted Trial Balance of Eat Them All restaurant is given for Dec...
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Accounting
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
51,000
A/R
16,000
Inventory
14,000
Supplies
3,000
Equipments
44,000
Acc-Dep(Equipment)
13,000
Sales
90,000
Sales Returns
4,000
Rent Exp
20,000
A/P
8,000
U/P
1,000
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
Net sales: ________ Gross Profit: _________
Income before tax:________
Income Tax: _______
Net Income: _______
Total Current Assets:________
Total Long Term Assets: ________
Total Current Liabilities: ________
Total Long Term Liabilities: ________
Balance of Retained Earnings on Dec 31,2013: _______
Total Shareholders Equity: ________
5. Show the journal entries for closing the temporary accounts for the above trial balance. Then update the T-account for RE.
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