The following balances were taken from the books of Skysong Corp. on December 31, 2025. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87,250 52,250 1,381,250 151,250 21,250 151,250 8,250 46,250 101,250 201,250 141,250 622,250 Assume the total effective tax rate on all items is 20%. Accumulated depreciation equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $41,250 29,250 156,250 195,250 171,250 101,250 98,250 33,250 61,250 101,250 151,250 501,250 22,250 Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year

Attached is the question and information for question 1a and 2a part 2b

The totals from the first payroll of the year are shown below. TotalEarnings   FICAOASDI   FICAHI   FITW/H   StateTax   UnionDues   NetPay   $36,195.10   $2,244.10   $524.83   $6,515.00   $361.95   $500.00   $26,049.22     Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.

The totals from the first payroll of the year are shown below. TotalEarnings   FICAOASDI   FICAHI   FITW/H   StateTax   UnionDues   NetPay   $36,195.10   $2,244.10   $524.83   $6,515.00   $361.95   $500.00   $26,049.22     Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.

With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE  $ 6,750 Credit against FUTA (assume applicable)  $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750

3. Loudoun Trucking purchases 4,750 truck tires. The federal excise tax is $0.13 per tire. Find the amount (in $) of the excise tax for this transaction. $

Please answer it in good accounting form

In the following problem I am asked to compute Net Income.  I am having a difficult time .  Net Income is computed after Income Tax Expense.  I am not sure of which amount the 20% tax rate is supposed to be taken from Presented below are selected ledger accounts of Waterway Corporation as of December 31, 2020. Cash $58,000Administrative expenses 116,000Selling expenses 92,800Net sales 626,400Cost of goods sold 243,600Cash dividends declared (2020) 23,200Cash dividends paid (2020) 17,400Discontinued operations (loss before income taxes) 46,400Depreciation expense, not recorded in 2019 34,800Retained earnings, December 31, 2019 104,400Effective tax rate 20% Compute Net Income for 2020

7. Consider the following excerpts from the income statement and tax returns of Rashford Inc. Amounts in $ Income before taxes Taxable income a. 22.4% b. 19.6% Income statement Depreciation 200 Warranty expenses* 120 Fine 100 *Warranty expenditures are tax deductible when payments are made to fulfil the warranty. C. 23.38% d. 17.92% e. None of the above 1,500 ANSWER: A Tax returns The statutory tax rate is 21%. There are no temporary or permanent differences other than the ones listed in the table. The effective tax rate of Rashford Inc. is: ? 250 0 0

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