Question
Present below is Company Ks trial balance ended December 31, 2022. Company K Trial Balance December 31, 2022 Dr. Cr. Cash $ 176,000 Accounts receivable
Present below is Company Ks trial balance ended December 31, 2022.
Company K Trial Balance December 31, 2022 | ||||||
|
| Dr. |
| Cr. | ||
Cash |
| $ | 176,000 |
|
|
|
Accounts receivable (net) |
|
| 2,504,000 |
|
|
|
Inventory |
|
| 2,190,000 |
|
|
|
Property, plant, and equipment (net) |
|
| 7,565,000 |
|
|
|
Accounts payable and accrued liabilities |
|
|
|
| $ | 1,768,000 |
Income taxes payable |
|
|
|
|
| 660,000 |
Deferred income tax liability |
|
|
|
|
| 85,000 |
Common stock |
|
|
|
|
| 2,341,000 |
Additional paid-in capital |
|
|
|
|
| 3,683,000 |
Retained earnings, 1/1/21 |
|
|
|
|
| 3,492,000 |
Net sales and other revenues |
|
|
|
|
| 12,073,000 |
Costs and expenses |
|
| 11,150,000 |
|
|
|
Income tax expenses |
|
| 517,000 |
|
|
|
|
|
| $24,102,000 |
|
| $24,102,000 |
Included in accounts receivable is $1,180,000 due from a customer and payable in quarterly installments of $147,500. The last payment is due December 29, 2024. In December 31, 2022 balance sheet, the total current assets is:
- A.
$5,670,000
- B.
$4,280,000
- C.
$5,522,500
- D.
$5,080,000
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