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How will impact taylor month end financial statements

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Problem 1: Taylor corp. pays employees the 1st of each month for work performed the prior month. At the end of September, Taylor owes its accounting and legal employees $130,000. How will this impact Taylor's month end financial statements?

  1. Retained earnings will decrease by $130,000 and Expenses will increase by $130,000.
  2. Liabilities will increase by $130,000, Retained Earnings will decrease by $130,000 and Expenses will increase by $130,000
  3. Assets will decrease by $130,000, Expenses will increase by $130,000 and Retained Earnings will decrease by $130,000.

Reference no: EM132936308

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