Tax Preparation Salary
March 17th, 2006
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Question: Accounting Help Needed. This is income statement preparation where I need to find out what the income taxes ar
I need to prepare an income statement for this company and determine what the income taxes are. The income tax is said to be 30% of the income before taxes, however I have not been able to figure out what the income is before taxes. The given information is as follow:
A/P…..35,000
A/R…….65,000
Advertising expense….15,000
Cash…… 19,500
Supplies expense…..46,000
Rent expense……..10,000
Utilities expense……..3,000
Misc. Expense….4,400
Salaries Expense…..61,000
Fees (revenues)……384,000
Owner’s equity…..140,000It also states to assume that 7,500 shares of stock are outstanding, and I need to determine the income taxes (30% of income before tax)
I do not know what the outstanding shares have to do with this because I do not have dividends as an expense and if they are outstanding that means that they are not assets because they belong to shareholders. I just need to get the income, so I can get the taxes.
Please help….
Answer: Income 384,000
Expenses
– Advertising 15,000
– Supplies 46,000
– Rent 10,000
– Utilities 3,000
– Misc. 4,400
– Salaries 61,000
———-
Total Expenses 139,400Income before taxes 244,600
Income Tax Rate 30%
Income taxes 73,380
Net Income 171,220Ignore anything that is not income or expense in this case. They probably gave you extra information that meant nothing in this case to see that you could figure out what info you needed.
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