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The following trial balance of Trey Co. at December31, Year6, has been adjusted except for income tax expense. Dr. Cr. Cash $ 550,000 Accounts receivable,

The following trial balance of Trey Co. at December31, Year6, has been adjusted except for income tax expense.
Dr. Cr.
Cash $ 550,000
Accounts receivable, net 1,650,000
Prepaid taxes 300,000
Accounts payable $120,000
Common stock 500,000
Additional paid-in capital 680,000
Retained earnings 630,000
Foreign currency
translation adjustment 430,000
Revenues 3,600,000
Expenses 2,600,000
$5,530,000 $5,530,000
Additional Information
  1. During Year 6, estimated tax payments of $300,000 were charged to prepaid taxes. Trey has not yet recorded income tax expense. There were no differences between financial statement and income tax income, and Treys tax rate is 30%.
  2. Included in accounts receivable is $500,000 due from a customer. Special terms granted to this customer require payment in equal semiannual installments of $125,000 every April1 and October1.

In Treys December 31, Year 6, balance sheet, what amount should be reported as total current assets?

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