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Shamrock Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2021. The following information has been taken from the adjusted trial balance:

Accounts payable		$26,000		Interest expense		$4,000
Cash dividends—common		62,000		Notes payable		106,000
Common shares		200,000		Retained earnings (Aug. 1, 2020)		340,000
Cost of goods sold		316,500		Salaries expense		122,000
Dividends payable		14,400		Sales		667,000
Income tax expense		35,000		Supplies expense		10,500
Income tax payable		2,600		Unearned revenue		11,500

All accounts have normal balances and total assets equal $817,500. Shamrock has a 20% income tax rate.

Prepare a multiple-step income statement.

SHAMROCK INC. Income Statement choose the accounting period                                                                      Quarter Ended July 31, 2021Year Ended July 31, 2021July 31, 2021
enter an income statement item				$enter a dollar amount
enter an income statement item				enter a dollar amount
select a summarizing line for the first part                                                                      DrawingsEnding Balance, July 31Gross ProfitOperating ExpensesTotal Operating ExpensesOther ExpensesInvestmentsProfit/(Loss)Profit From OperationsBegninning Balance, August 1Profit Before Income Tax				enter a total amount for the first part
select an opening name for section one                                                                      DrawingsEnding Balance, July 31Profit/(Loss)Profit From OperationsGross ProfitBegninning Balance, August 1Total Operating ExpensesOperating ExpensesProfit Before Income TaxInvestmentsOther Expenses:
enter an income statement item		$enter a dollar amount
enter an income statement item		enter a dollar amount
select a closing name for section one                                                                      Profit From OperationsTotal Operating ExpensesDrawingsOperating ExpensesInvestmentsProfit/(Loss)Profit Before Income TaxOther ExpensesEnding Balance, July 31Begninning Balance, August 1Gross Profit				enter a total amount for section one
select a summarizing line for the second part                                                                      DrawingsProfit/(Loss)Profit Before Income TaxProfit From OperationsGross ProfitTotal Operating ExpensesInvestmentsOther ExpensesEnding Balance, July 31Begninning Balance, August 1Operating Expenses				enter a total amount for the second part
select an opening name for section two                                                                      DrawingsOperating ExpensesProfit Before Income TaxInvestmentsEnding Balance, July 31Profit/(Loss)Total Operating ExpensesProfit From OperationsBegninning Balance, August 1Other ExpensesGross Profit:
enter an income statement item				enter a dollar amount
select a summarizing line for the third part                                                                      Ending Balance, July 31Operating ExpensesBegninning Balance, August 1Profit From OperationsProfit/(Loss)Profit Before Income TaxInvestmentsOther ExpensesTotal Operating ExpensesDrawingsGross Profit				enter a total amount for all three parts
enter an income statement item				enter a dollar amount
select a closing name for this statement                                                                      Gross ProfitProfit Before Income TaxProfit/(Loss)Total Operating ExpensesInvestmentsEnding Balance, July 31Other ExpensesProfit From OperationsDrawingsBegninning Balance, August 1Operating Expenses				$enter a total profit or loss amount

  

  

Question Part Score

--/5

Prepare required journal entry to adjust income tax expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
July 31	enter an account title to record income tax expense	enter a debit amount	enter a credit amount
	enter an account title to record income tax expense	enter a debit amount	enter a credit amount
	(To record income tax expense.)

Answer 1