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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 $ 876500 Accounts receivable (net) 2699000 Inventory 2080000 Property, plant, and equipment (net) 7572000 Accounts payable and accrued liabilities $ 1770000 Income taxes payable 654000 Deferred income tax liability 83000 Common stock 2358000 Additional paid-in capital 3679000 Retained earnings, 1/1/20 3504000 Net sales and other revenues 12904500 Costs and expenses 11190000 Income tax expenses 535000 $24952500 $24952500 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 Wildhorse's December 31, 2020 balance sheet, The current assets total is O $5055500 O $5505500. O $6190500. O $5655500
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