1. LESSON 14-6
Calculating Federal
Income Tax and
Completing a Work Sheet
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

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
CALCULATING FEDERAL INCOME TAX
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
page 428
LESSON 14-6

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
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. A COMPLETED 8-COLUMN
WORK SHEET
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
6
page 432
LESSON 14-6

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