The following trial balance of Caloocan Company on December 31, 2003 has been adjusted except for income tax expense. Cash 2,000,000 Accounts receivable 4,500,000 Inventory 4,000,000 Property, plant and equipment 15,000,000 Accounts payable and accrued liabilities 3,000,000 Income tax payable 1,600,000 Deferred tax liability 400,000 Common stock 10,000,000 Additional paid in capital 3,000,000 Retained earnings – 1/1 5,000,000 Nets sales and other revenues 30,000,000 Costs and expenses 25,000,000 Income tax expense 2,500,000 53,000,000 53,000,000 During the year, estimated tax payments of P900,000 were charged to income tax expense. The current and future tax rate is 32% on all types of revenue. The total current liabilities on December 31, 2003 should be
The following
|
Cash |
2,000,000 |
|
|
|
4,500,000 |
|
|
Inventory |
4,000,000 |
|
|
Property, plant and equipment |
15,000,000 |
|
|
Accounts payable and accrued liabilities |
|
3,000,000 |
|
Income tax payable |
|
1,600,000 |
|
|
|
400,000 |
|
Common stock |
|
10,000,000 |
|
Additional paid in capital |
|
3,000,000 |
|
|
|
5,000,000 |
|
Nets sales and other revenues |
|
30,000,000 |
|
Costs and expenses |
25,000,000 |
|
|
Income tax expense |
2,500,000 |
|
|
|
53,000,000 |
53,000,000 |
During the year, estimated tax payments of P900,000 were charged to income tax expense. The current and future tax rate is 32% on all types of revenue. The total current liabilities on December 31, 2003 should be
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