Use the following information for questions 98 through 100.
The following trial balance of Reese Corp. at December 31, 2014 has been properly adjusted except for the income tax expense adjustment. $Use the following information for questions 98 through 100. The following trial balance of Reese Corp. at December 31, 2014 has been properly adjusted except for the income tax expense adjustment. Other financial data for the year ended December 31, 2014: \bullet 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, 2016. \bullet 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. \bullet 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 Reese's December 31, 2014 balance sheet, -The current assets total is A) $6,080,000. B) $5,555,000. C) $5,405,000. D) $4,955,000.$ Other financial data for the year ended December 31, 2014:

\bullet

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, 2016.

\bullet

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.

\bullet

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 Reese's December 31, 2014 balance sheet,
-The current assets total is
A) $6,080,000.
B) $5,555,000.
C) $5,405,000.
D) $4,955,000.

One Criticism Not Normally Aimed at a Balance Sheet Prepared

Multiple Choice

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