assp

Polis Corps trial balance at December 31, 2020 is properly adjusted except for the income tax expense adjustment. Cr. PolisCorp. Trial Balance December 31, 2020 Dr. Cash $ 337,500 Accounts receivable (net) 1,447,500 Inventory 1,192,500 Property, plant, and equipment (net) 4,183,000 Accounts payable and accrued liabilities $ 990,500 Income taxes payable 342,000 Future income tax liability 37,500 Common shares 1,675,000 Contributed surplus 1,340,000 Retained earnings, Jan 1, 2020 2,325,000 Net sales and other revenues 6,180,000 Costs and expenses 5,040,000 Income tax expenses 689,500 $12,890,000 $12,890,000 Other financial data for the year ended December 31, 2020 Income tax expenses 689,500 $12,890,000 $12,890,000 Other financial data for the year ended December 31, 2020. Included in accounts receivable is $360,000 due from a customer and payable in quarterly instalments of $45,000. The last payment is due December 29, 2022. The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 is classified as a current liability. . During the year, estimated tax payments of $330,000 were charged to income tax expense. The current and future tax rate on all types of income is 35 percent. In Polls' December 31, 2020 statement of financial position, the current assets total is $1,530,000 $2,977,500 $2,797,500. $2.247,500 Save for Later Attempts: 0 of 1 used 8 E R. . Y