Multiple Choice Question 98 The following trial

Question

Multiple Choice Question 98

The following trial balance of Cullumber Company at December 31, 2017 has been properly adjusted except for the income tax expense adjustment.
Cullumber Company Trial Balance December 31, 2017
 Dr. Cr.
 $873000    
  2703000   
  2089000   
  7561000   
    $1759000
     651000
     85500
     2360000
     3684000
     3579000
     13459500
  11180000   
      1172000                    
  $25578000  $25578000
Other financial data for the year ended December 31, 2017: • Included in accounts receivable is $1200000 due from a customer and payable in quarterly installments of $150000. The last payment is due December 29, 2019. • The balance in the Deferred Income Tax Liability account pertains to a temporary difference that arose in a prior year, of which $18500 is classified as a current liability. • During the year, estimated tax payments of $521000 were charged to income tax expense. The current and future tax rate on all types of income is 40%. In Cullumber’s December 31, 2017 balance sheet, The current assets total is $6186000.

$5515000.

$5065000.

$5665000.
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