H1. Current Attempt in ProgressKingbird Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2024. Thefollowing information has been taken from the adjusted trial balance:Accounts payableCash dividends-commonCommon sharesCost of goods soldDividends payableIncome tax expenseIncome tax payable$32.13075,600252.000390.60018,90037,8003,780Interest expenseNotes payableRetained earnings (Aug. 1, 2023)Salaries expenseSalesSupplies expenseUnearned revenue$6,300126,000443,520176.400837.90012.60015,120All accounts have normal balances and total assets equal $1,030,050. Kingbird has a 20% income tax rate (a2)Prepare required journal entry to adjust income tax expense. (Credit account titles are automatically indented when the amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entrybefore credit entry)Date Account TitlesJuly 31eTextbook and MediaList of AccountsSave for LaterDebitCreditAttempts: 0 of 2 used.Submit Answer

Sales837900Less: Cost of goods sold-390600Gross Profit447300Less: Expenses - Interest…

Prepare required journal entry to adjust income tax expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry)

Prepare required journal entry to adjust income tax expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 7E: Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December...

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The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below:Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235 ---Prepare in good form a statement of retained earnings of Palm Realtors Ltd. for the year endedDecember 31, 2019. --Compute the current ratio for Palm Realtors Ltd for 2019. Did the company appear to be able to meetits short-term obligations as they come due? Why?
The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below:Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235Required:1. Prepare in good form a single step statement of earnings (income statement) of Palm Realtors Ltd.for the year ended December 31, 2019.
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Splish Corporation began operations on January 1, 2019. During its first 3 years of operations, Splish reported net income and declared dividends as follows: Net income Dividends declared $-0- 63,000 63,000 2019 2020 2021 $50,400 157.500 201,600 The following information relates to 2022. Income before income tax Prior period adjustment: understatement of 2020 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $31.500 will be paid on Jan. 15, 2023) Effective tax rate (a) Balance, January 1, as Reported Prepare a 2022 retained earnings statement for Splish Corporation. (List items that increase adjusted retained earnings first.) Correction for Depreciation Error Net of Tax Cumulative Decrease in Income from Change in Inventory Methods Net of Tax Balance, January 1, as Adjusted Add: Net Income /(Loss) Less Dividends Declared $277.200 $31.500 $56,700 $126,000 SPLISH CORPORATION Retained…