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The following trial balance of Wildhorse Co. at December 31, 2020 has been properly adjusted except for the income tax expense adjustment. Wildhorse Co. Trial
The following trial balance of Wildhorse Co. at December 31, 2020 has been properly adjusted except for the income tax expense adjustment.
Wildhorse Co. Trial Balance December 31, 2020 | ||||||
Dr. | Cr. | |||||
Cash | $ | 879500 | ||||
Accounts receivable (net) | 2697000 | |||||
Inventory | 2090000 | |||||
Property, plant, and equipment (net) | 7564000 | |||||
Accounts payable and accrued liabilities | $ | 1762000 | ||||
Income taxes payable | 653000 | |||||
Deferred income tax liability | 85500 | |||||
Common stock | 2357000 | |||||
Additional paid-in capital | 3676000 | |||||
Retained earnings, 1/1/20 | 3553000 | |||||
Net sales and other revenues | 12830000 | |||||
Costs and expenses | 11170000 | |||||
Income tax expenses | 516000 | |||||
$24916500 | $24916500 |
Included in accounts receivable is $1220000 due from a customer and payable in quarterly installments of $152500. The last payment is due December 29, 2022. In Wildhorses December 31, 2020 balance sheet, The final retained earnings balance is
$3553000.
$4611500.
$4697000.
$5213000.
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