Rudy Corporation provided the following trial balance on September 30, 2X20, which had been adjusted, except for income tax expense: 675,000 2,695,000 Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable and accrued liabilities Income tax payable Deferred tax liability Share capital Share premium Retained earnings, January 1 2,185,000 10,245,000 1,800,000 1,500,000 750,000 2,500,000 3,000,000 3,350,000 Net sales and other revenue 15,000,000 Cost and expenses 10,000,000 Income tax expense 2,100,000 27,900,000 27,900,000 The accounts receivable included P1,000,000 due from customers and payable in quarterly installments of P125,000. The last payment is due September 30, 2X22. During the year, the estimated tax payment of P600,000 was charged to income tax expense. The income tax rate is 30% on all types of income.
Rudy Corporation provided the following trial balance on September 30, 2X20, which had been adjusted, except for income tax expense: 675,000 2,695,000 Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable and accrued liabilities Income tax payable Deferred tax liability Share capital Share premium Retained earnings, January 1 2,185,000 10,245,000 1,800,000 1,500,000 750,000 2,500,000 3,000,000 3,350,000 Net sales and other revenue 15,000,000 Cost and expenses 10,000,000 Income tax expense 2,100,000 27,900,000 27,900,000 The accounts receivable included P1,000,000 due from customers and payable in quarterly installments of P125,000. The last payment is due September 30, 2X22. During the year, the estimated tax payment of P600,000 was charged to income tax expense. The income tax rate is 30% on all types of income.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
100%
Please answer the following questions.
1. Total Current Assets
2. Total Current Liabilities
3. Retained Earnings
Transcribed Image Text:Rudy Corporation provided the following trial balance on September 30, 2X20, which had been adjusted, except
for income tax expense:
Cash
675,000
Accounts receivable (net)
2,695,000
Inventory
Property, plant, and equipment (net)
Accounts payable and accrued liabilities
Income tax payable
Deferred tax liability
Share capital
Share premium
Retained earnings, January 1
Net sales and other revenue
2,185,000
10,245,000
1,800,000
1,500,000
750,000
2,500,000
3,000,000
3,350,000
15,000,000
Cost and expenses
Income tax expense
10,000,000
2,100,000
27,900,000
27,900,000
The accounts receivable included P1,000,000 due from customers and payable in quarterly installments of
P125,000. The last payment is due September 30, 2X22. During the year, the estimated tax payment of
P600,000 was charged to income tax expense. The income tax rate is 30% on all types of income.
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