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Rudik [331]
3 years ago
11

All of the accounts of the Grass is Greener Company have been adjusted as of December 31, 2016, with the exception of income tax

es incurred but not yet recorded. Those account balances appear below. All have normal balances. The estimated income tax rate for the company is 30%. 364,340 Cash Accounts Receivable 779,950 Interest Receivable 4.950 Prepaid Insurance 7,450 Prepaid Rent 12,500 223,400 Supplies Equipment 685,500 139,300 Accumulated Depreciation Equipment 294,700 Accounts Payable Unearned Revenue 90,100 Income Tax Payable 27,300 Salaries and Wages Payable 369,040 Notes Payable (long-term) 242,600 Long-Term Debt Common Stock 396,200 Retained Earnings 217,800 22,600 Dividends 943,000 Service Revenue Interest Revenue 127,100 349,200 Supplies Expense Repairs and Maintenance Expense 258,300 Depreciation Expense 60,350 31,800 Rent Exp ense Income Tax Expense Unknown

Business
1 answer:
yulyashka [42]3 years ago
8 0

Answer:

The income before tax is $370450, the income tax is $111135 and the net income is $259315.

Explanation:

As the data table is not visible,online a similar question is found for which the data is attached here with.

From the given data

Service Revenue=$943,000

Interest Revenue=$127,1000

Total Revenue=Service Revenue+Interest Revenue=$1070100

Now The expenses are given as

Supplies Expense=$349,200

Repairs and Maintenance Expense =$258,300

Depreciation Expense=$60,350

Rent Expense=$ 31,800

Total Expense=Supplies Expense+Repairs and Maintenance Expense+Depreciation Expense+Rent Expense=$699650

So the income before tax is given as

Income=Total Revenue-Total Expense

Income=$1070100-$699650

Income=$370450

So the income before tax is $370450.

Now the tax is estimated at 30% as given tax rate as

Tax=Rate*Income

Tax=30%*$370450

Tax=$111135

So the income tax is $111135.

Now the Net income is given as

Net Income=Income-Tax

Net Income=$370450-$111135

Net Income=$259315

So the Net Income is $259315.

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