Question 38 0 Qon View Policies Current Attempt in Progress Queen Sheridan Ltd. has a September 30 fiscal year end and a 15% income tax rate. The following information is available for es 2021 year Question end: 1. Question 36 2 Earned $490,000 of service revenue and incurred $406,500 of operating expenses. Interest expense was $3.900 On October 5, 2020, paid $50.000 of dividends that had been declared on September 25, 2020, On September 28, 2021. declared $40,000 of dividends payable on October 8, 2021. Retained earnings on September 30, 2020, were $250,000. Questions 3. 4. 5. Issued common shares for $23,500 cash on July 2, 2021. Viewing Questi ho Que Prepare an income statement. 2 8C Question 38 of 39 10 question SHERIDAN LTD. Income Statement Questions Questions Question 36 Question I Viewing Questi ht Que Acte 38 of 39 710 Journalire the adjustment for income tax assuming no income tax instients were made during the year. Credits are automatically indented when the amount is entered. Do not indent mollit ne entry ismered, electory for the titles and enter for the amounts.) Questions Date Account Titles and Explanation Debit Credit Questions Sep. 30 Question (To record income tax expense.) Question 37 ch List of Accounts Viewing Question 38 Aco Question 39 Atentang Prepare a statement of retained earnings. (List items that increase retained earnings first.) AN uures on 38 of 39 10 quedos Prepare a statement of retained earnings List items that increase retained coming first que SHERIDAN LTD. Statement of Retained Earnings Question 35 Question 3 Question Metour I Viewing Quest Accoun $ $ Que HE 3 8C