The following table shows the balances from various accounts in the adjusted trial balance for UniLink Telecom
Question:
The following table shows the balances from various accounts in the adjusted trial balance for UniLink Telecom Corp. as of December 31, 2023:
Required
1. Assuming that the company’s income tax rate is 30%, what are the tax effects and after-tax measures of the items labelled as pre-tax?
2. Prepare a multi-step income statement for the year ended December 31, 2023.
a. Interest income b. Depreciation expense, equipment c. Loss on sale of office equipment d. Accounts payable e. Other operating expenses f. Accumulated depreciation, equipment g. Gain from settling a lawsuit h. Cumulative effect of change in accounting principle (pre-tax) i. Accumulated depreciation, buildings j. Loss from operating a discontinued operation (pre-tax) k. Gain on expropriation of land and building by government I. Sales m. Depreciation expense, buildings n. Correction of overstatement of prior year's sales (pre-tax) o. Gain on sale of discontinued operation's assets (pre-tax) p. Loss from settling a lawsuit q. Income taxes expense r. Cost of goods sold Debit Credit $ 86,400 59,400 234,000 46,800 129,600 36,000 57,600 ? 1,170,000 $ 28,800 100,800 176,400 100,800 151,200 392,400 68,400 2,329,200 79,200
Step by Step Answer:
Part 1 Effect of income taxes losses in parentheses h Cumulative effect of change in accounting prin...View the full answer
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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