12th Edition

ISBN: 9780134487212

Author: MILLER-NOBLES

Publisher: PEARSON CO

Concept explainers

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 resu…

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 a…

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…

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 repor…

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Textbook Question

Chapter 5, Problem P5.47BPGB

Preparing a multi-step income statement and journalizing closing entries
Learning objective 8 Appendix 5B

Gross Profit $12,800

Taylor Department Store uses a periodic inventory statement. The adjusted trial balance of Taylor Department Store at December 31, 2018, follows.

TAYLOR DEPARTMENT STORE Adjusted Trial Balance December 31, 2018
	Balance
Account Title	Debit	Credit
Case	$7,900
Accounts Receivable	85,300
Merchandise Inventory (beginning)	37,600
Office Supplies	300
Furniture	83,000
Accumulated Depreciation-Furniture		$18,500
Accounts Payable		28,500
Salaries Payable		2,900
Unearned Revenue		14,500
Notes Payable, long-term		32,000
Taylor, Capital		65,400
Taylor, Withdrawals	89,000
Sales Revenue		380,800
Purchases	284,000
Purchases Returns and Allowances		110,000
Purchase Discounts		7,000
Freight In	100
Selling Expense	42,900
Administrative Expense	26,300
Interest Expense	3,200
Total	$659,600	$659,600

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Chapter 5, Problem P5.46BPGB

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