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Flint Corp. s trial balance at December 3 1 , 2 0 2 3 is properly adjusted except for the income tax expense adjustment. Flint
Flint Corp.s trial balance at December is properly adjusted except for the income tax expense adjustment. Flint Corp. Trial Balance December Dr Cr Cash $ Accounts receivable net Inventory Property, plant, and equipment net Accounts payable and accrued liabilities $ Income tax payable Future tax liability Common shares Contributed surplus Retained earnings, Jan. Net sales and other revenues Costs and expenses Income tax expenses $ $ Other financial data for the year ended December : Included in accounts receivable is $ due from a customer and payable in quarterly instalments of $ The last payment is due December The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $ is classified as a current liability. During the year, estimated tax payments of $ were charged to income tax expense. The current and future tax rate on all types of income is percent. In Flints December statement of financial position, the current liabilities total is
Flint Corp.s trial balance at December is properly adjusted except for the income tax expense adjustment.
Flint Corp.
Trial Balance
December
Dr
Cr
Cash
$
Accounts receivable net
Inventory
Property, plant, and equipment net
Accounts payable and accrued liabilities
$
Income tax payable
Future tax liability
Common shares
Contributed surplus
Retained earnings, Jan.
Net sales and other revenues
Costs and expenses
Income tax expenses
$
$
Other financial data for the year ended December :
Included in accounts receivable is $ due from a customer and payable in quarterly instalments of $ The last payment is due December
The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $ is classified as a current liability.
During the year, estimated tax payments of $ were charged to income tax expense. The current and future tax rate on all types of income is percent.
In Flints December statement of financial position, the current liabilities total is
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