Reference no: EM132995854
Question - Memphis Ltd. is a private corporation reporting under ASPE and has recorded all necessary adjusting entries except for income tax expense, at its fiscal year and October 31, 2014 the following information has been taken from the adjusted trial balance
Accounts payable $15,800
Cash dividends-common $80,000
Common shares $1000,000
Depreciation expense $34,375
Dividends payable 20,000
Income tax expense 25,000
Income tax payable 2,500
Insurance Expense 6,900
Interest expense 4,500
Notes payable 75,000
Rent expense 28,000
Retained earnings November 1, 2013 430,000
Salaries expense 195,000
Service revenue 445,000
Unearned revenue 22,300
a) Make the multistep income statement and complete the journal entry for the income tax expense with a 20% rate?
b) Make the statement of retained earnings for the year?
c) Prepare closing entries.
d) Make the postal closing entries to the income summary and retain earnings T accounts.