Required information The following information-applies to the questions displaye

Question

Required information The following information-applies to the questions displayed below) Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2018, follows, along with information about selected accounts. ,Account Names DebitCreditl Further Information Cash Supplies Deferred Revenue 32,600 740 As reported on December 31 bank statement. Based on count, only $270 of supplies still exist. and $570 for January lessons. December 28.They have not yet been paid for work on s 3,070 of this amount, $2.500 was received for December lessons 0 Employees were paid $1,700 for 10 days of work through 0 The company has paid last year's income tax but not this 0 The company has not paid the $105 of interest owed on its Salaries and Wages payable Income Tax Payable Interest Payable Notes Payable (long-term) December 29 and 30 year s tax notes payable for the current period 12.600 This one year note was taken out this year on December 1. Common Stock 1,000 This amount was contributed for common stock in prior Retained Earnings 3,700 This is the balance reported at the end of last year. 52.870 Most customere pay cash for lessons each time they are Service Revenue Salaries and Wages Expense Supplies Expense provided, but tome customers pay in advance. Enployces wozked through December 30, but did not work on December 31 Thie is the cost of supplies used through November 30. The company has not: paid the $105 of interest owed on its notes payable for the current period. The company has an average tax rate of 209- 36,800 3 100 Interest Expense Income Tax Expense Totals $73,240$73.240

Explanation / Answer

Calculation of Tax

Balance Sheet Income Stt Amount 1. Supplies Supplies Expenses 470 2. Deferred Revenue Service Revenue 2500 3. Salaries and Wages Payable Salaries and Wages Expenses 340 4. Income Tax Payable Income Tax Expenses 4366.50 5. Interest Payable Interest Expesnes 105

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