Polis Corp.'s trial balance at December 31, 2023 is properly adjusted except for the income tax expense adjustment. Polis Corp. Trial Balance December 31, 2023 Cash$ 337,500 Accounts Receivable (net)1,447,500 Inventory1,192,500 Property, plant & equipment (net)4,183,000 Accounts payable & accrued liabilities $ 990,500Income taxes payable 342,500Future income tax liability 37,500Common shares 1,675,000Contributed surplus 1,340,000Retained earnings, Jan 1, 2023 2,325,000Net sales & other revenues 6,180,000Costs & expenses5,040,000 Income tax expenses689,500 Total$12,890,000$12,890,000 Other financial data for the year ended December 31, 2023: 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, 2025. 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, 2023 statement of financial position, the current assets total and the final retained earnings balance is?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Polis Corp.'s trial balance at December 31, 2023 is properly adjusted except for the income tax expense adjustment. Polis Corp. Trial Balance December 31, 2023

Cash$ 337,500 Accounts Receivable (net)1,447,500 Inventory1,192,500 Property, plant & equipment (net)4,183,000 Accounts payable & accrued liabilities $ 990,500Income taxes payable 342,500Future income tax liability 37,500Common shares 1,675,000Contributed surplus 1,340,000Retained earnings, Jan 1, 2023 2,325,000Net sales & other revenues 6,180,000Costs & expenses5,040,000 Income tax expenses689,500 Total$12,890,000$12,890,000

Other financial data for the year ended December 31, 2023:

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, 2025.
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, 2023 statement of financial position, the current assets total and the final retained earnings balance is?

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