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Business, 10.10.2019 23:30 magicalpenguin48

The trial balance of mint corp. at december 31, year 6, is presented below and has been adjusted except for income tax expense. other financial data for the year ended december 31, year 6, are as follows:
mint uses the percentage-of-completion method to account for long-term construction contracts for financial statement and income tax purposes. all receivables on these contracts are considered to be collectible within 12 months.
during year 6, estimated tax payments of $450,000 were charged to prepaid taxes. mint has not recorded income tax expense. there were no temporary or permanent differences, and mint’s tax rate is 30%.
dr. cr. cash $ 600,000
accounts receivable, net 3,500,000
costs in excess of billings on long-term contracts 1,600,000
billings in excess of costs on long-term contracts $ 700,000
prepaid taxes 450,000
fixed assets, net 1,480,000
note payable -- noncurrent 1,620,000
common stock 750,000
additional paid-in capital 2,000,000
retained earnings -- unappropriated 900,000
retained earnings -- restricted for note payable 160,000
earnings from long-term contracts 6,680,000
costs and expenses 5,180,000
in mint’s december 31, year 6, balance sheet, what amount should be reported as total current assets?
a. $6,150,000
b. $5,000,000
c. $5,450,000
d. $5,700,000

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