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advanced financial accounting excel practice problem in this presentation were going to work a practice problem related to interim income statement and tax calculation get ready to account with advanced financial accounting here we are in excel we have our information on the left-hand side were going to put that into our worksheets on the right-hand side in the blue area thats where the calculations will go our worksheet includes estimate of affected annual tax rate at the end of the second quarter so were looking at the second quarter three months second quarter that well be working with and focusing in on well have to do an adjustment for the cost of goods sold then well take a look at the income statement for the three months ended june 30th because its the second quarter so income statement for the period for that three month time period second quarter well be taking a look at then in order to do that well have to do a worksheet over here related to the tax calculation ok