Adjusting Trial Balance

Canada Discussion in 'Exams and Studying' started by JV23, Oct 12, 2018 at 4:25 AM.

  1. JV23

    JV23

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    Hi, I have attempted to complete an admiring trial balance for my school assignment. I have gotten everything but income tax. Can anyone help?
     

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    JV23, Oct 12, 2018 at 4:25 AM
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  2. JV23

    Fidget VIP Member

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    You pay income tax on net income and your question tells you the tax rate is 30%, so you need to take your unadjusted net income of $12,600 and then include your adjustments to expenses of $6460 in total. So your adjusted net income is $12,600 - $6460 = $6140 x 30% = $1842 income tax.
     
    Fidget, Oct 12, 2018 at 7:12 PM
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