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Snezhnost [94]
2 years ago
11

Other financial data for the year ended December 31, 2019: Included in accounts receivable is $1,200,000 due from a customer and

payable in quarterly installments of $150,000. The last payment is due December 29, 2021. The balance in the Deferred Income Tax Liability account pertains to a temporary difference that arose in a prior year, of which $20,000 is classified as a current liability. During the year, estimated tax payments of $525,000 were charged to income tax expense. The current and future tax rate on all types of income is 30%. In Lamberts December 31, 2019 balance sheet, the current assets total is
Business
1 answer:
Kipish [7]2 years ago
5 0

Answer:

$5,055,000

Explanation:

Note: <em>The full question is attached below</em>

<em />

Particulars                                                                    Amount

Cash                                                                            $875,000

Accounts receivable                          $2,695,000  

Less: Installments not due in 2021   <u>($600,000)</u>      $2,095,000

[$1,200,000 - ($150,000 * 4)]  

Inventory                                                                      <u>$2,085,000</u>

Total of current assets                                               <u>$5,055,000</u>

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Brilliant_brown [7]

Answer:

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Explanation:

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3 0
3 years ago
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4 0
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