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Question 30 of 50 - / 4 View Policies Current Attempt in Progress The following trial balance of Sandhill Co. at December 31, 2020 has
Question 30 of 50
- / 4
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Current Attempt in Progress
The following trial balance of Sandhill Co. at December 31, 2020 has been properly adjusted except for the income tax expense adjustment.
Sandhill Co. Trial Balance December 31, 2020 | ||||||
Dr. | Cr. | |||||
Cash | $ | 880000 | ||||
Accounts receivable (net) | 2708000 | |||||
Inventory | 2082000 | |||||
Property, plant, and equipment (net) | 7560000 | |||||
Accounts payable and accrued liabilities | $ | 1763000 | ||||
Income taxes payable | 660000 | |||||
Deferred income tax liability | 85000 | |||||
Common stock | 2359000 | |||||
Additional paid-in capital | 3682000 | |||||
Retained earnings, 1/1/20 | 3494000 | |||||
Net sales and other revenues | 12875000 | |||||
Costs and expenses | 11170000 | |||||
Income tax expenses | 518000 | |||||
$24918000 | $24918000 |
Included in accounts receivable is $1200000 due from a customer and payable in quarterly installments of $150000. The last payment is due December 29, 2022. In Sandhills December 31, 2020 balance sheet, The current assets total is
$5070000.
$5670000.
$6188000.
$5520000.
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