The trial balance of Terris Inc. for the year ended September 30, 2021, prior to recording of tax expenses, but after all other adjustments, is as follows. All accounts are their normal balance (debit or credit). Terris has a tax rate of 30%. Instructions
Prepare the income statement and statement of retained earnings for Terris Inc. for the year ended September 30, 2021.

Question

The trial balance of Terris Inc. for the year ended September 30, 2021, prior to recording of tax expenses, but after all other adjustments, is as follows. All accounts are their normal balance (debit or credit). Terris has a tax rate of 30%.  Instructions
Prepare the income statement and statement of retained earnings for Terris Inc. for the year ended September 30, 2021.

Quizplus · Accepted Answer

The Answer of The trial balance of Terris Inc. for the year ended September 30, 2021, prior to recording of tax expenses, but after all other adjustments, is as follows. All accounts are their normal balance (debit or credit). Terris has a tax rate of 30%.  Instructions
Prepare the income statement and statement of retained earnings for Terris Inc. for the year ended September 30, 2021.

The Trial Balance of Terris Inc