The Adjusted Trial Balance of Richardson Electric at May 31 $${ \begin{array} { c } \text { Richardsan Electric } \\\text { Trial Balance } \\\text { May 31, 2020 }\end{array} }$$

question 98

Essay

The adjusted trial balance of Richardson Electric at May 31, 2020 is as follows:
$${ \begin{array} { c } \text { Richardsan Electric } \\\text { Trial Balance } \\\text { May 31, 2020 }\end{array} }$$
$$\begin{array} { | l | r | r | } \hline & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 6,000 & \\\hline \text { Prepaid insurance } & 2,000 & \\\hline \text { Equipment } & 18,000 & \\\hline \text { Accurmulated depreciation, equiprnent } & & \$ 20,000 \\\hline \text { Salaries payable } & & 1,000 \\\hline \text { Mitch Richardson, capital } & & 12,700 \\\hline \text { Mitch Richardson, withdrawals } & 6,000 & \\\hline \text { Repair fees eamed } & & 11,800 \\\hline \text { Unearmed repair fees } & & 1,200 \\\hline \text { Insurarce expense } & 3,500 & \\\hline \text { Depreciation experse } & 11,200 & \\\hline \text { Total } & \$ 46,700 & \$ 46,700 \\\hline\end{array}$$ Prepare the necessary closing entries at May 31.

Understand the concepts of marginal and average tax rates.

Identify the types of taxes and their characteristics.

Analyze the impact of different tax systems on individual and government revenue.

Distinguish between progressive, regressive, and proportional tax systems.

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Definitions:

Physical Count

Physical count refers to the actual counting of inventory items in a warehouse or store to verify stock levels.

Depreciation

An approach to apportioning the value of a tangible resource over the period it is expected to be used.

Market Value

The current price at which an asset or service can be bought or sold in the marketplace, which can fluctuate based on supply and demand dynamics.

Adjusted Trial Balance

A financial report that lists all accounts and their balances after adjustments have been made, ensuring the total debits equal the total credits.