The following pretax amounts were taken from the adjusted trial balance of Gomes Trading Company...
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Accounting
The following pretax amounts were taken from the adjusted trial balance of Gomes Trading Company at December 31, 20x5 (end of the annual accounting period):
Sales revenue $220,000 Service revenues 50,000 Cost of goods sold 130,000 Operating expenses 88,000 Unusual item, gain on sale of operational assets 25,000
Assume an average 30% tax rate on all items.
Required:
1. Prepare the income statement in good form. 2. Give the journal entry to record income tax (assume not yet paid).
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