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Determine the four star accrues income taxes

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Reference no: EM132465162

Use of Account Balances as a Basis for Adjustments

Four Star Video has been in the video rental business for five years. The following is a list of accounts for Four Star Video at May 31, 2017. It reflects the recurring transactions for the month of May but does not reflect any month-end adjustments.

Cash                                    $4,000

Prepaid Rent                           6,600

Video Inventory                      25,600

Display Stands                         8,900

Accumulated Depreciation          5,180

Accounts Payable                    3,260

Customer Subscriptions             4,450

Capital Stock                          5,000

Retained Earnings                  22,170

Rental Revenue                      9,200

Wage and Salary Expense       2,320

Utilities Expense                   1,240

Advertising Expense                 600

Question 1: Four Star accrues income taxes using an estimated tax rate equal to 30% of the income for the month.

Reference no: EM132465162

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