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4. The latest Adjusted Trial Balance of Eat Them All restaurant is given for Dec...

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Accounting

4. The latest Adjusted Trial Balance of Eat Them All restaurant is given for Dec 31, 2013. Income Tax is 20% of IBT and payable in Jan 2014. Find the following amounts:

Account

DR

CR

Cash

51,000

A/R

16,000

Inventory

14,000

Supplies

3,000

Equipments

44,000

Acc-Dep(Equipment)

13,000

Sales

90,000

Sales Returns

4,000

Rent Exp

20,000

A/P

8,000

U/P

1,000

Insurance Exp

2,000

Wages Exp

30,000

Capital

21,000

Retained Earnings on Jan 1, 2013

37,000

Dividends

30,000

Service revenue

60,000

C.G.S

10,000

Sales Discount

6,000

Total

230,000

230,000

Net sales: ________ Gross Profit: _________

Income before tax:________

Income Tax: _______

Net Income: _______

Total Current Assets:________

Total Long Term Assets: ________

Total Current Liabilities: ________

Total Long Term Liabilities: ________

Balance of Retained Earnings on Dec 31,2013: _______

Total Shareholders Equity: ________

5. Show the journal entries for closing the temporary accounts for the above trial balance. Then update the T-account for RE.

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