Question
Venus Corp.'s trial balance at December 31, 20x7 is properly adjusted except for the income tax expense adjustment. Venus Corp. Trial Balance December 31, 20x7
Venus Corp.'s trial balance at December 31, 20x7 is properly adjusted except for the income tax expense adjustment.
Venus Corp.
Trial Balance
December 31, 20x7
Dr.Cr.
Cash$ 914103
Accounts receivable (net) 3920729
Inventory 3230088
Property, plant, and equipment (net)11330972
Accounts payable and accrued liabilities$2682953
Income taxes payable 926394
Future income tax liability 101571
Common stock 4537207
Contributed surplus 3629878
Retained earnings, Jan 1, 20x7 6297817
Net sales and other revenues 16740174
Costs and expenses 13652194
Income tax expenses 1867662
$34916098 $34916098
Other financial data for the year ended December 31, 20x7:
1. Included in accounts receivable is $770078 due from a customer and payable in quarterly instalments of $192519.5. The first payment is not due until December 29, 20x9.
2. The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $16726 is classified as a current liability.
3. Throughout the year, estimated tax of $526107 was included in income taxes payable. At the end of the year income tax expense was determined to be $1867662,the income taxes payable account has not been adjusted yet. As at Dec 31, 20x7, the income taxes for the current year have not been paid.
In Venus's December 31, 2017 statement of financial position, what is the current liabilities total?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started