Question

[The following information applies to the questions displayed below] Golf Academy, Inc., provides private goff lessons. ts unadjusted trial balance at December 31, 2018, follows, along with information about selected accounts. Cash Deferred Revenue Salaries and Wages payable Income Tax Payable Interest Payable 32,800. 780 on Dec s 2,998 of this amount, $2,400 was received for December lessons and $59e e Employees were paid $1,900 for 18 days of work through December 0 The company has paid last year's income tax but not this year's e The company has not paid the $11s of interest owed on its notes Based on count, only $290 of supplies still exist. for January lessons. 28. They have not yet been paid for work on December 29 and 38 tax payable for the current period. Notes Payable (long-term Common Stock Retained Earnings Service Revenue 13,880 This one-year note was taken out this year on December 1. 1,ee0 This amount was contributed for common stock in prior years. 3,900 This is the balance reported at the end of last year 52,190 Most customers pay cash for lessons each time they are provided, but some customers pay in advance. Employees worked through December 30, but did not work on December 31. This is the cost of supplies used through November 30. The compary has not paid the $115 of interest owed on its notes payable for the current period The company has an average tax rate of 20%. Salaries and Wages Expense 3,300 Supplies Expense Interest Expense Income Tax Expense Totals $73,880$73,880

Answer 1