Teal Mountain Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end. July 31, 2021. Thefollowing information has been taken from the adjusted trial balance:Accounts payable$25,000 Interest expense$5.500Cash dividends-common62,000Notes payable111,500Common shares200,000Retained earnings (Aug. 1, 2020)347,400Cost of goods sold311,000Salaries expense140.000Dividends payable14,000Sales651.000Income tax expense30,500Supplies expense11,000Income tax payable3,700Unearmed revenue12,400All accounts have normal balances and total assets equal $805,000. Teal Mountain has a 20% income tax rate.Prepare a multiple-stepincome statement.TEAL MOUNTAIN INC.Income Statement eTextbook and MediaList of AccountsPrepare required journal entry to adjust income tax epense. (Credit account titles are automatically indented when the amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the acdunt titles and enter O for the amounts.)Date Account Titles and ExplanationDebitCreditJuly31(Torecord incoma tax expensa.)

Name: Teal Mountain Inc. has recorded all necessary adjusting entries, exce
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Description: Teal Mountain Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end. July 31, 2021. Thefollowing information has been taken from the adjusted trial balance:Accounts payable$25,000 Interest expense$5

The income statement explains the financial performance of the company for a particular period of…

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Teal Mountain Inc has recorded all necessary adjusting entries, except for income tax expense, at its following information has been taken from the adjusted trial balance: Accounts payable $25.000 Interest expense $5.500 Cash dividends-common 62,000 Notes payable 111.500 Common shares 200,000 Retained earnings (Aug. 1, 2020) 347,400 Cost of goods sold 311.000 Salaries expense 140.000 Dividends payable 14,000 Sales 651.000 Income tax expense 30,500 Supplies expense 11.000 Income tax payable 3,700 Uneamed revenue 12,400

Teal Mountain Inc has recorded all necessary adjusting entries, except for income tax expense, at its following information has been taken from the adjusted trial balance: Accounts payable $25.000 Interest expense $5.500 Cash dividends-common 62,000 Notes payable 111.500 Common shares 200,000 Retained earnings (Aug. 1, 2020) 347,400 Cost of goods sold 311.000 Salaries expense 140.000 Dividends payable 14,000 Sales 651.000 Income tax expense 30,500 Supplies expense 11.000 Income tax payable 3,700 Uneamed revenue 12,400

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 44P

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