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Polis Corp.'s trial balance at December 31, 2020 is properly adjusted except for the income tax expense adjustment. PolisCorp. Trial Balance December 31, 2020 Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable and accrued liabilities Income taxes payable Future income tax liability Common shares Contributed surplus Retained earnings, Jan 1, 2020 Net sales and other revenues Costs and expenses Income tax expenses Income tax expenses Dr. $ 337,500 1,447,500 1,192.500 4,183,000 $2,775,500. 5,040,000 609,500 $12,890,000 Other financial data for the year ended December 31, 2020: Included in accounts receivable is $360,000 due from a customer and payable in quarterty instalments of $45,000. The last paymen The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 classed TIGE, HOW. $3,066,000. $2,567,500. $3,000,000. $990,500 342,000 37,500 1,675,000 1,340,000 2,325,000 6,180,000 5,040,000 689,500 $12,090,000 $12,090,000 $12,090,000 Other financial data for the year ended December 31, 2020: Included in accounts receivable is $360,000 due from a customer and payable in quarterly instalments of $45,000. The last payment is due December 29, 2022. The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 is classified as a current liability During the year, estimated tax payments of $330,000 were charged to income tax expense. The current and future tax rate on all types of income is 25 percent In Polis' December 31, 2020 statement of financial position, the final retained earnings balance is December 29, 2022. cument liability

Polis Corp.'s trial balance at December 31, 2020 is properly adjusted except for the income tax expense adjustment. PolisCorp. Trial Balance December 31, 2020 Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable and accrued liabilities Income taxes payable Future income tax liability Common shares Contributed surplus Retained earnings, Jan 1, 2020 Net sales and other revenues Costs and expenses Income tax expenses Income tax expenses Dr. $ 337,500 1,447,500 1,192.500 4,183,000 $2,775,500. 5,040,000 609,500 $12,890,000 Other financial data for the year ended December 31, 2020: Included in accounts receivable is $360,000 due from a customer and payable in quarterty instalments of $45,000. The last paymen The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 classed TIGE, HOW. $3,066,000. $2,567,500. $3,000,000. $990,500 342,000 37,500 1,675,000 1,340,000 2,325,000 6,180,000 5,040,000 689,500 $12,090,000 $12,090,000 $12,090,000 Other financial data for the year ended December 31, 2020: Included in accounts receivable is $360,000 due from a customer and payable in quarterly instalments of $45,000. The last payment is due December 29, 2022. The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 is classified as a current liability During the year, estimated tax payments of $330,000 were charged to income tax expense. The current and future tax rate on all types of income is 25 percent In Polis' December 31, 2020 statement of financial position, the final retained earnings balance is December 29, 2022. cument liability

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Polis Corp.'s trial balance at December 31, 2020 is properly adjusted except for the income tax expense adjustment. PolisCorp. Trial Balance December 31, 2020 Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable and accrued liabilities Income taxes payable Future income tax liability Common shares Contributed surplus Retained earnings, Jan 1, 2020 Net sales and other revenues Costs and expenses Income tax expenses Dr. $337,500 1,447,500 1,192,500 4,183,000 $2,775,500. $3,066,000. 5,040,000 609,500 $12,890,000 $2,567,500. $3,000,000. $990,500 342,000 37,500 Other financial data for the year ended December 31, 2020: Included in accounts receivable is $360,000 due from a customer and payable in quarterly instalments of $45,000. The last payment The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 TYE, HOW Costs and expenses Income tax expenses 5,040,000 689,500 $12,090,000 1,675,000 1,340,000 2,325,000 6,180,000 $12,090,000 $12,090,000 Other financial data for the year ended December 31, 2020: Included in accounts receivable is $360,000 due from a customer and payable in quarterly instalments of $45,000. The last payment is due December 29, 2022. The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 is classified as a current liability. . During the year, estimated tax payments of $330,000 were charged to income tax expense. The current and future tax rate on all types of income is 35 percent In Polis' December 31, 2020 statement of financial position, the final retained earnings balance is due December 29, 2022. classified as a curent ability
Transcribed Image Text:Polis Corp.'s trial balance at December 31, 2020 is properly adjusted except for the income tax expense adjustment. PolisCorp. Trial Balance December 31, 2020 Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable and accrued liabilities Income taxes payable Future income tax liability Common shares Contributed surplus Retained earnings, Jan 1, 2020 Net sales and other revenues Costs and expenses Income tax expenses Dr. $337,500 1,447,500 1,192,500 4,183,000 $2,775,500. $3,066,000. 5,040,000 609,500 $12,890,000 $2,567,500. $3,000,000. $990,500 342,000 37,500 Other financial data for the year ended December 31, 2020: Included in accounts receivable is $360,000 due from a customer and payable in quarterly instalments of $45,000. The last payment The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 TYE, HOW Costs and expenses Income tax expenses 5,040,000 689,500 $12,090,000 1,675,000 1,340,000 2,325,000 6,180,000 $12,090,000 $12,090,000 Other financial data for the year ended December 31, 2020: Included in accounts receivable is $360,000 due from a customer and payable in quarterly instalments of $45,000. The last payment is due December 29, 2022. The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 is classified as a current liability. . During the year, estimated tax payments of $330,000 were charged to income tax expense. The current and future tax rate on all types of income is 35 percent In Polis' December 31, 2020 statement of financial position, the final retained earnings balance is due December 29, 2022. classified as a curent ability
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