Pluto corps trial balance included the following

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21. Pluto Corp.'s trial balance included the following account balances at December 31, 2014: Accounts receivable (net) ................................................................. $41,000 Trading securities .......................................................................... ……. .7,000 Accumulated depreciation on equipment and furniture .................. .15,000 Cash ..................................................................................................... 10,000 Inventory ............................................................................................. 27,000 Equipment ........................................................................................... 25,000 Patent ................................................................................................... 4,000 Prepaid expenses ................................................................................. 1,500 Land held for future business site ....................................................... 18,000 In Pluto’s December 31, 2014 statement of financial position, the current assets total is
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2,895,000 Inventory 2,385,000 P,P & E (net) 8,366,000 Payables and Acrruals 1,981,000 Income tax payable 684,000 Future income tax liability 75,000 Common Stock 3,350,000 Contributed Surplus 2,680,000 Retained earnings, opening 4,650,000 Net Sales and other revenue 12,360,000 Costs and Expenses 10,080,000 Income tax expense 1,379,000 TOTALS 25,780,000 25,780,000 Other financial data for the year ended December 31, 2014: • 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, 2016. • The balance in the future income tax liability account relates 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.
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