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please help me out5 4. The latest Adjusted Trial...

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Accounting

please help me out5
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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 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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