Please answer the following questions. 1. Total Current Assets 2. Total Current Liabilities 3. Retained Earnings Rudy Corporation provided the following trial balance on September 30, 2X20, which had been adjusted, exceptfor income tax expense:Cash675,000Accounts receivable (net)2,695,000InventoryProperty, plant, and equipment (net)Accounts payable and accrued liabilitiesIncome tax payableDeferred tax liabilityShare capitalShare premiumRetained earnings, January 1Net sales and other revenue2,185,00010,245,0001,800,0001,500,000750,0002,500,0003,000,0003,350,00015,000,000Cost and expensesIncome tax expense10,000,0002,100,00027,900,00027,900,000The accounts receivable included P1,000,000 due from customers and payable in quarterly installments ofP125,000. The last payment is due September 30, 2X22. During the year, the estimated tax payment ofP600,000 was charged to income tax expense. The income tax rate is 30% on all types of income.

Current Assets: Assets are the resources of an organization used for the purpose of business…

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.

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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