LESSON 14-6
Calculating Federal
Income Tax and
Completing a Work Sheet

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengag...
FEDERAL INCOME TAX EXPENSE
ADJUSTMENT

Total of Income Statement Credit column
Less total of Income Statement Debit column...
3

CALCULATING FEDERAL INCOME TAX

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

page 428

LESSON 14-6
4

RECORDING THE FEDERAL INCOME
TAX ADJUSTMENT

3

1
1
1. Calculate the amount
of federal income tax
expense adjustment.

...
5

COMPLETING A WORK SHEET

page 430

1

2
1.
2.
3.
4.
5.

4

1

5

Total the Income Statement and Balance Sheet columns.
...
A COMPLETED 8-COLUMN
WORK SHEET

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

6
page 432

LESSON 14-6
7

A 10-COLUMN WORK SHEET
1

2

3

4
1.
2.
3.
4.

Trial balance
Adjustments
Extend adjusted balances
Total, prove, and rul...
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Lesson 14 6

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Lesson 14 6

  1. 1. LESSON 14-6 Calculating Federal Income Tax and Completing a Work Sheet CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
  2. 2. FEDERAL INCOME TAX EXPENSE ADJUSTMENT Total of Income Statement Credit column Less total of Income Statement Debit column before federal income tax Equals Net Income before Federal Income Tax CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 2 page 427 $ 500,253.10 –396,049.91 $ 104,203.19 LESSON 14-6
  3. 3. 3 CALCULATING FEDERAL INCOME TAX CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning page 428 LESSON 14-6
  4. 4. 4 RECORDING THE FEDERAL INCOME TAX ADJUSTMENT 3 1 1 1. Calculate the amount of federal income tax expense adjustment. 2 page 429 3 2. Total and rule the Adjustments columns. 3. Extend account balances. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 14-6
  5. 5. 5 COMPLETING A WORK SHEET page 430 1 2 1. 2. 3. 4. 5. 4 1 5 Total the Income Statement and Balance Sheet columns. Calculate and enter the net income after federal income tax. Extend the net income amount. Calculate the column totals. Rule double lines. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 14-6 3
  6. 6. A COMPLETED 8-COLUMN WORK SHEET CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 page 432 LESSON 14-6
  7. 7. 7 A 10-COLUMN WORK SHEET 1 2 3 4 1. 2. 3. 4. Trial balance Adjustments Extend adjusted balances Total, prove, and rule page 434-435 5 6 5. Extend balances 6. Calculate net income; total, prove and rule CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 14-6

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