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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. $ 977293 4191757 3453375 12114250 $2868418 990433 Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable and accrued liabilities Income taxes payable Future income tax liability Common stock Contributed surplus Retained earnings, Jan 1, 20x7 Net sales and other revenues Costs and expenses Income tax expenses 108592 4850851 3880801 6733167 17897374 14595931 1996768 $37329748 $37329748 Other financial data for the year ended December 31, 20x7: 1. Included in accounts receivable is $677730 due from a customer and payable in quarterly instalments of $169432.5. 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 $18095 is classified as a current liability. 3. Throughout the year, estimated tax of $484598 was included in income taxes payable. At the end of the year income tax expense was determined to be $ 1996768, 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. Select one: a. $ 5389116 In Venus's December 31, 2017 statement of financial position, the current liabilities total is b. $2868418 C. $3858851 X d. $-30631223 Your answer is incorrect. The correct answer is: $ 5389116
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