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The following trial balance of Sunland Company at December 31, 2017 has been properly adjusted except for the income tax expense adjustment. Sunland Company Trial
The following trial balance of Sunland Company at December 31, 2017 has been properly adjusted except for the income tax expense adjustment. Sunland Company Trial Balance December 31, 2017 Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable and accrued liabilities Income taxes payable Deferred income tax liability Common stock Additional paid-in capital Retained earnings, 1/1/17 Net sales and other revenues Costs and expenses Income tax expenses $ 872000 2709000 2083000 7565000 $1760000 650000 83000 2355000 3683000 3535000 13531000 11190000 $25597000 $25597000 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 $528000 were charged to income tax expense. The current and future tax rate on all types of income is 40% In Sunland's December 31, 2017 balance sheet, The current liabilities total is $2493000. $1965000. O $2431500 $1903500
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