Tibra Inc.'s trial balance TBAcontained the following accounts at December 31, 2021, the end of company's fiscal year. Accounts …… …… …… …… …… …… …… Balances ($) Accumulated Depreciation-Building…. …… 124000 Accumulated Depreciation-Equipment….…. 35000 Additional Paid in Capital-Common Stock.. 237000 Auditors Fee …. …. …. …. …. …. ….. ….. ….. .. 203000 Buildings…. …. …. …. …. …. ….. ….. ….. ….. ... 408000 Cash …. …. …. …. …. …. ….. ….. ….. ….. ….. …. 189120 Common Stock ($2 each)…. …. …. …. …. ….. 122000 Cost of Goods Sold …. …. …. …. ….. …. ….… 1083000 Equipment …. …. …. …. …. …. ….. ….. ….. ….. 219000 Interest Expense …. …. …. …. …. …. ….. ….. …. 21500 Loss on Sale of Property …. …. …. …. …. …. 7680 Merchandise Inventory …. …. ……. …. …. …. 231000 Mortgage Loan …. …. …. …. …. …… …. …. …. 112000 Rent Revenue …. …. …. …. …. …. … …. …. …. 51000 Retained Earnings …. …. …. …. …… …. …. …. 52200 Salaries and Wages Expense …. …. …. …. …. 107000 Sales …. …. …. …. …. …. ….. ….. ……. …. …. …. 1752000 Sales Returns and Allowances …… …. …. …. 9700 Supplies …. …. …. …. …. …. ….. ……. …. …. …. 6200 Additional Data: 1. Physical check on December 31, 2021, reveals that inventory actually on hand is $218000. 2. Buildings are being depreciated @10 % under straight line method,Equipment is being depreciated @20% under declining balance method. 3. Supplies on hand totaled $2400 on December 31, 2021, 4. $0.5 dividend per share was declared. 5. The company is under 20% tax bracket. Prepare the followings: (a) Multistep income statement; (b) Stockholder's Equity Statement (c) Classified Balance Sheet as at December 31, 2021 Just provide the answers ASAP (within 30 minutes) no need for solutions & explanation for now.

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The Effect Of Prepaid Taxes On Assets And Liabilities

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.

Final Accounts

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time. 

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally. 

Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.