Originally Posted by hopeless0403
I am doing a computer project and I have gotten great answers when it came to the trial balance, really helped to see what I was doing wrong, now i have to make an income statement, retained earnings, and classfied balance sheet, I have tried to set up each of them, but only started on the figuring for the income statement and can't seem to get my figures to match. The match figure is Net Income: 52,934 and New Check figure for Trial Balance: 1,217,316. I can't see if I am leaving out an account or if I am calculating the imcome tax expense wrong. The income tax expense is based on 30% of income before taxes. So I multipied .30*income before taxes. Someone help! anything would be great a good example, tell me what i am doing wrong.
Attached is what i have done.