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Homework answers / question archive / ACORN on 2 et cred wed out of
ACORN on 2 et cred wed out of . Flag question SHORT ANSWER: On March 31st, 2020, the adjusted trial balance for the Wolfville Farmers Market Inc show's the following final balances: Account Amount Account Amount Common Shares 4250 Accounts Receivable 3500 Sales Revenue 12250 Retained Earnings 1975 Unearned Revenues 625 Salarios Payable 175 Salaries Expense 5475 Depreciation Expense 1250 Accumulated Depreciation 8150 Rent Expense 1400 Supplies Expense 575 Dividends 3500 Interest Revenue 75 Extermination Equipment 575 Interest Expense 600 REQUIRED: Determine income before taxes, and assuming a tax rate of 17%, calculate income tax expense and net income for the year ended March 31st, 2020. NOTE Feel free to paste your calculation /work directly below in order to eam partial points #T ? ? X Gc
Answer
Income before taxes=Sales revenue-Salaries expense+Interest revenue-Supplies expense-Interest expense-Depreciation expense-Rent expense
=12,250+75-5,475-575-600-1,250-1,400
Income before taxes=$3,025
Income tax expense=3,025*17%
=$514.25
Net income=Income before taxes-Income tax expense
=3,025-514.25
Net income=$2,510.75
