Venus Corp.s trial balance at December 31, 2017 is properly adjusted except for the income tax expense adjustment.

Venus Corp.

Trial Balance

December 31, 2017

Dr. Cr.

Cash $ 675,000

Accounts receivable (net) 2,895,000

Inventory 2,385,000

Property, plant, and equipment (net) 8,366,000

Accounts payable and accrued liabilities $ 1,981,000

Income taxes payable 684,000

Future income tax liability 75,000

Common stock 3,350,000

Contributed surplus 2,680,000

Retained earnings, Jan 1, 2017 4,650,000

Net sales and other revenues 12,360,000

Costs and expenses 10,080,000

Income tax expenses 1,379,000

$25,780,000 $25,780,000

Other financial data for the year ended December 31, 2017:

• Included in accounts receivable is $720,000 due from a customer and payable in quarterly instalments of $90,000. The last payment is due December 29, 2019.
• The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $30,000 is classified as a current liability.
• During the year, estimated tax payments of $465,000 were charged to income tax expense. The current and future tax rate on all types of income is 35 percent.

29. In Venuss December 31, 2017 statement of financial position, the current assets total is

a) $5,955,000.

b) $5,595,000.

c) $3,060,000.

d) $4,495,000.

30. In Venuss December 31, 2017 statement of financial position, the current liabilities total is

a) $2,435,000.

b) $2,695,000.

c) $2,200,000.

d) $2,114,000.

31. In Venuss December 31, 2017 statement of financial position, the final retained earnings balance is

a) $5,551,000.

b) $6,132,000.

c) $5,135,000.

d) $6,016,000.