Business, 24.03.2020 21:22 coralaguilar1702
The following trial balance of Carla Vista Co. at December 31, 2020 has been properly adjusted except for the income tax expense adjustment.
Carla Vista Co.
Trial Balance
December 31, 2020
Dr. Cr.
Cash $873000
Accounts receivable (net) 2708000
Inventory 2085000
Property, plant, and equipment (net) 7566000
Accounts payable and accrued liabilities $1769000
Income taxes payable 659000
Deferred income tax liability 83000
Common stock 2360000
Additional paid-in capital 3683000
Retained earnings, 1/1/20 3510000
Net sales and other revenues 12857000
Costs and expenses 11180000
Income tax expenses 509000
$24921000 $24921000
Included in accounts receivable is $1200000 due from a customer and payable in quarterly installments of $150000. The last payment is due December 29, 2022. In Carla Vista’s December 31, 2020 balance sheet, The final retained earnings balance is:
Answers: 1
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The following trial balance of Carla Vista Co. at December 31, 2020 has been properly adjusted excep...
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