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Question - The adjusted trial balance of Terris Inc. for the year ended September 30, 2019 is as shown below. It is prior to recording of income tax expense. All accounts are their normal balance (debit or credit). Terris has an income tax rate of 30%.
Accounts payable $80,000
Accounts receivable 40,000
Cash 50,000
Cash dividends declared 7,000
Common shares 30,000
Cost of goods sold 175,000
Dividends payable 4,000
Interest expense 4,500
Inventory 120,000
Operating expenses 92,300
Preferred shares 25,000
Retained earnings, beginning balance 11,900
Sales revenue 320,000
Taxes payable 100
Instructions - Make the income statement and statement of retained earnings for Terris Inc. for the year ended September 30, 2019.
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