The following trial balance of Wildhorse Co. at December 31, 2020 has been properly adjusted...
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Accounting
The following trial balance of Wildhorse Co. at December 31, 2020 has been properly adjusted except for the income tax expense adjustment.
Wildhorse Co. Trial Balance December 31, 2020
Dr.
Cr.
Cash
$
879500
Accounts receivable (net)
2697000
Inventory
2090000
Property, plant, and equipment (net)
7564000
Accounts payable and accrued liabilities
$
1762000
Income taxes payable
653000
Deferred income tax liability
85500
Common stock
2357000
Additional paid-in capital
3676000
Retained earnings, 1/1/20
3553000
Net sales and other revenues
12830000
Costs and expenses
11170000
Income tax expenses
516000
$24916500
$24916500
Included in accounts receivable is $1220000 due from a customer and payable in quarterly installments of $152500. The last payment is due December 29, 2022. In Wildhorses December 31, 2020 balance sheet, The final retained earnings balance is
$3553000.
$4611500.
$4697000.
$5213000.
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