Question
The following trial balance of Star Company at December 31, 2017 has been properly adjusted except for the income tax expense adjustment. Star Company Trial
The following trial balance of Star Company at December 31, 2017 has been properly adjusted except for the income tax expense adjustment.
Star Company Trial Balance December 31, 2017 | ||||||
Dr. | Cr. | |||||
Cash | $ | 876000 | ||||
Accounts receivable (net) | 2704000 | |||||
Inventory | 2090000 | |||||
Property, plant, and equipment (net) | 7565000 | |||||
Accounts payable and accrued liabilities | $ | 1768000 | ||||
Income taxes payable | 660000 | |||||
Deferred income tax liability | 85000 | |||||
Common stock | 2341000 | |||||
Additional paid-in capital | 3683000 | |||||
Retained earnings, 1/1/17 | 3492000 | |||||
Net sales and other revenues | 13533000 | |||||
Costs and expenses | 11150000 | |||||
Income tax expenses | 1177000 |
| ||||
$25562000 | $25562000 |
Other financial data for the year ended December 31, 2017: Included in accounts receivable is $1180000 due from a customer and payable in quarterly installments of $147500. The last payment is due December 29, 2019. The balance in the Deferred Income Tax Liability account pertains to a temporary difference that arose in a prior year, of which $21500 is classified as a current liability. During the year, estimated tax payments of $517000 were charged to income tax expense. The current and future tax rate on all types of income is 30%. In Stars December 31, 2017 balance sheet, what is the currennt asset total?
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