Below is the unadjusted trial balance for Dawson Designs at December 31,2011 - the end of its first year in business.
(1)Identify the errors in the following trial balance.All accounts have normal balances.
(2)Prepare a corrected trial balance.
Definitions:
Tax Paid
The amount of money that has been handed over to governmental entities as required by tax laws, based on earnings, sales, property values, etc.
Marginal Tax Rates
The rate at which the last dollar of income is taxed, reflecting the percentage of tax applied to your next dollar of taxable income.
Interest Income
Revenue earned from investments in interest-bearing financial instruments, such as bonds, savings accounts, or loans.
Eligible Dividends
Dividends that are qualified for special tax treatment under certain jurisdictions.
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