Question

how do you calculate Income Tax Expense, i need help finding the answer to No. 5

3. Prepare the adjusting journal entries that are required at December 31, 2018. (If no entry is required for a transaction/event, s "No Journal Entry Required" In the first account fleld.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a 3.800 Supplies Expense Supplies 3.800 2. b 10.000 Rent Expense Prepaid Rent 10.000 3 11.200 Utilities Expense Accounts Payable 11.200 d 28.100 Salaries and Wages Expense Salaries and Wages Payable 28.100 5 Income Tax Expense Income Tax Payable

Answer 1

Val's Hair Emporium Adjusted Trial Balance as of December 31, 2018 Account Names Debit Credit Cash $2,800 Supplies 800 Prepaid Rent 1,000 Accounts Payable 1,350 Salaries and Wages Payable 100 Income Tax Payable 435 Common Stock 1,000 Retained Earnings 700 Service Revenue 59,500 Salaries and Wages Expense 28,200 Utilities Expense 11,550 Rent Expense 12,000 Supplies Expense 6,300 Income Tax Expense 435 Total $63,085 $63,085 Val's Hair Emporium Net Income Statement for the Year EndedDecember 31, 2018 Service Revenue $59,500 Less: Salaries and Wages Expense 28,200 Utilities Expense 11,550 Rent Expense 12,000 Supplies Expense 6,300 Total Expenses 58,050 Net Income $1,450 Average tax rate 30% Income Tax Expense $435

Credit General Journal Supplies Expense (6,300 - 3,800) Supplies (3,300 - 800) Debit $2,500 1) $2,500 2) $2,000 Rent Expense (12,000 - 10,000) Prepaid Rent (3,000 -1,000) $2,000 3) $350 Utilities Expense (11,550 - 11,200) Accounts Payable(1,350 - 1,000) $350 4) $100 Salaries and Wages Expense (28,200 -28,100) Salaries and Wages Payable (100-0) $100 5) $435 Income Tax Expense (435-0) Income Tax Payable (435-0) $435