Question

[IMPORTANT NOTE: Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tax line. The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement.]

Answer 1

Net Income before tax = 7850.41

So Tax (50%) = 7850.41 * 50/100 = 3931.32

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