Refer to Figure 185 and answer the following questions in your working papers: 1. What amount is
Question:
Refer to Figure 18–5 and answer the following questions in your working papers:
1. What amount is extended to the Income Statement section for Federal Corporate Income Tax Expense?
2. To which section of the work sheet is the balance of Prepaid Insurance extended?
3. What is the total amount of supplies consumed during the period?
4. What is the total amount still owed to the federal government for corporate income tax?
Transcribed Image Text:
ACCT. NO. 1 101 Cash in Bank 2 115 Accounts Receivable 3 125 Merchandise Inventory 4 130 Supplies 5 135 Prepaid Insurance 6140 Delivery Equipment 7 145 Office Equipment 8150 Store Equipment 9201 Accounts Payable 10 204 Fed. Corp. Inc. Tax Payable 11 205 Employees' Fed. Inc. Tax Pay. 12 211 Employees' State Inc. Tax Pay. 13 212 Social Security Tax Payable 14 213 Medicare Tax Payable 15 214 Fed. Unemployment Tax Payable 16 215 State Unemployment Tax Payable 17 220 Sales Tax Payable 18 301 Capital Stock 19 305 Retained Earnings 20 310 Income Summary 21 401 Sales 22 405 Sales Discounts 23 410 Sales Returns and Allowances 24 501 Purchases 25 505 Transportation In 26 510 Purchases Discounts 27 515 Purchases Returns and Allowances 28 601 Advertising Expense 29 605 Bankcard Fees Expense 30 630 Fed. Corp. Income Tax Expense 31 635 Insurance Expense 32 650 Maintenance Expense 33 655 Miscellaneous Expense 34 657 Payroll Tax Expense 35 660 Rent Expense 38 665 Salaries Expense 37 670 Supplies Expense 38 680 Utilities Expense 39 40 Net Income 41 42 43 ACCOUNT NAME TRIAL BALANCE DEBIT 1517900 1040400 84 92100 554900 150000 1983100 982500 520000 CREDIT 13 85000 64000 8000 24800 5800 1836 11473 242800 7500000 19 771 19 320 45000 134000 180000 On Your Mark Work For Year Ended CREDIT (a) 3 53600 (b) 371000 (c) 12500 (d) 15500 ADJUSTMENTS DEBIT (a) 3 53600 73000 200000 206 70000 403618 245000 419927 984000 (d) 15500 (c) 12500 351925 34828 382683 14 00000 2937460 (b) 371000 236487 435 79828 435 79828 752600 752600 T
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