Flint Corp.$$s trial balance at December $31,2023$ is properly adjusted except for the income tax expense adjustment.

Flint Corp.

Trial Balance

December $31,2023$

Dr$.$

Cr$.$

Cash

$$337200$

Accounts receivable $($net$)$

$1447500$

Inventory

$1192600$

Property, plant, and equipment $($net$)$

$4185700$

Accounts payable and accrued liabilities

$$993000$

Income tax payable

$343500$

Future tax liability

$38000$

Common shares

$1675300$

Contributed surplus

$1340300$

Retained earnings, Jan. $1,2023$

$2322400$

Net sales and other revenues

$6181900$

Costs and expenses

$5041400$

Income tax expenses

$690000$

$$12894400$

$$12894400$

Other financial data for the year ended December $31,2023$:

$$ Included in accounts receivable is $$361400$ due from a customer and payable in quarterly instalments of $$45175.$ The last payment is due December $29,2025.$

$$ The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $$15700$ is classified as a current liability.

$$ During the year, estimated tax payments of $$331300$ were charged to income tax expense. The current and future tax rate on all types of income is $35$ percent.

In Flint$$s December $31,2023$ statement of financial position, the current liabilities total is

Answer rating: 100% (QA)

Answer To determine the total current liabilities on Flint Corp... View the full answer