Doug and Lisa Have Determined That Their Tax Liability on Their

question 111

Essay

Doug and Lisa have determined that their tax liability on their joint return is $3,700.They have made prepayments of $1,000 and also are entitled to child tax credits of $2,000.What is the amount of their tax refund or taxes due?

---

Definitions:

Ledger

The principal book or computer file for recording and totaling economic transactions by account type, with debit and credit account records validated by a trial balance.

Unadjusted Trial Balance

A preliminary report that lists all the balances of a company's accounts before making any adjusting entries.

Post-Closing Trial Balance

A list of all the account balances of a business after closing entries for the accounting period have been made, ensuring the accounts are ready for the next period.

Financial Statements

Comprehensive reports created to communicate the financial performance, position, and cash flows of a business to external and internal stakeholders.