The following trial balance of Reese Corp. at December 31, 2010 has been properly adjusted except...

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The following trial balance of Reese Corp. at December 31, 2010 has been properly adjusted except for the income tax expense adjustment. Reese Corp. Trial Balance December 31, 2010 Cr. Dr. $ 775,000 2,695,000 2,085,000 7,366,000 Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable and accrued liabilities Income taxes payable Deferred income tax liability Common stock Additional paid-in capital Retained earnings, 1/1/10 Net sales and other revenues Costs and expenses Income tax expenses $ 1,701,000 654,000 85,000 2,350,000 3,680,000 3,450,000 3,360,000 11,180,000 1,179,000 $25.280.000 $25.280.000 Other financial data for the year ended December 31, 2010: Included in accounts receivable is $1,200,000 due from a customer and payable in quarterly installments of $150,000. The last payment is due December 29, 2012. The balance in the Deferred Income Tax Liability account pertains to a temporary difference that arose in a prior year, of which $20,000 is classified as a current liability. At the end of the year, the company paid of $525.000 in taxes were charged to income tax expense. This is not reflected in the above trial balance, In Reese's December 31, 2010 balance sheet, 98. The current assets total is a. $5,555,000. b. $5.405.000. C.$4.955.000 d. $4,430,000 The current liabilities total is a. $1,850,000. b. $1,915,000. c. $2,375,000. d. $2,440,000. 99. The following trial balance of Reese Corp. at December 31, 2010 has been properly adjusted except for the income tax expense adjustment. Reese Corp. Trial Balance December 31, 2010 Cr. Dr. $ 775,000 2,695,000 2,085,000 7,366,000 Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable and accrued liabilities Income taxes payable Deferred income tax liability Common stock Additional paid-in capital Retained earnings, 1/1/10 Net sales and other revenues Costs and expenses Income tax expenses $ 1,701,000 654,000 85,000 2,350,000 3,680,000 3,450,000 3,360,000 11,180,000 1,179,000 $25.280.000 $25.280.000 Other financial data for the year ended December 31, 2010: Included in accounts receivable is $1,200,000 due from a customer and payable in quarterly installments of $150,000. The last payment is due December 29, 2012. The balance in the Deferred Income Tax Liability account pertains to a temporary difference that arose in a prior year, of which $20,000 is classified as a current liability. At the end of the year, the company paid of $525.000 in taxes were charged to income tax expense. This is not reflected in the above trial balance, In Reese's December 31, 2010 balance sheet, 98. The current assets total is a. $5,555,000. b. $5.405.000. C.$4.955.000 d. $4,430,000 The current liabilities total is a. $1,850,000. b. $1,915,000. c. $2,375,000. d. $2,440,000. 99.

Answer rating: 100% (QA)

Req 98 Answer is d 4430000 Explanation Current assets Cash 775000525000 ... View the full answer