USA Trial balance


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Sep 13, 2015
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Hello everyone,

I am trying to understand the concept of trial balance.
In one of my homework, I am given a trial balance with 550 on each of debit and credit side.
However, the problem also gives me information that was not included in the preliminary trial balance
such as depreciation expense, six months rent, wages and legal reserve.

Are these elements included in the trial balance ?

Thank you all
 
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Joined
Sep 11, 2015
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let me try to help, but never before used such a form "trial balance" so i'm hoping that i don't make to much errors.
your first question was if the elements were included? as stated in the task on the pdf-file it seemed not.
please find attached proposal as pdf-file
###
name debit (credit)
Cash 33
Acc rec 85
acc rec res (10)
Inventory 55
prepaid rent 21
plant & equip 110
accumul depr (44)
other assets 25
acc pay (87)
notes pay (55)
long-term debt (70)
paid in capital (50)
retained earnings (41)
reserve (other, legal) (10)
revenues (215)
cogs 105
salaries 75
other exp 51
depr 22
total 582 (582)
###
###
regards the tax rate i don't know how to use, but in my opinion i'd say the company has a loss of 38k$ instead of a profit in that period
 

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