Multiple Choice
Use the following information for questions
The following trial balance of Terracota Corp.at December 31, 2010 has been properly adjusted except for the income tax expense adjustment.
Other financial data for the year ended December 31, 2010:
Included in accounts receivable is $720,000 due from a customer and payable in quarterly instalments of $90,000.The last payment is due December 29, 2012.
The balance in the Future Income Tax Liability account pertains to a temporary difference that arose in a prior year, of which $30,000 is classified as a current liability.
During the year, estimated tax payments of $465,000 were charged to income tax expense.
The current and future tax rate on all types of income is 35 percent.In Terracota's December 31, 2010 balance sheet,
-The current liabilities total is
A) $2,435,000.
B) $2,695,000.
C) $2,200,000.
D) $2,230,000.
Correct Answer:

Verified
Correct Answer:
Verified
Q16: In a statement of cash flows, payments
Q29: Long-term liabilities include<br>A)obligations not expected to be
Q32: Disclosure of the date that financial statements
Q35: The balance sheet is useful for analysing
Q36: Which of the following is a limitation
Q37: Wolanski Corp.'s trial balance reflected the following
Q38: Which of the following facts concerning depreciable
Q45: A measure of a company's financial flexibility
Q51: Which of the following is not a
Q90: In a statement of cash flows, proceeds