View the step-by-step solution to: 51. The following trial balance of Reese Corp. at December 31,

51. The following trial balance of Reese Corp. at December 31, 2012 has been properly adjusted except for the income tax expense adjustment. Reese Corp
Trial Balance
December 31, 2012   Dr. Cr. Cash $975,000   Accounts receivable (net) 2,695,000   Inventory 2,085,000   Property, plant, and equipment (net) 7,366,000   Accounts payable and accrued liabilities   $1,801,000 Income taxes payable   645,000 Deferred income tax liability   85,000 Common stock   2,350,000 Additional paid-in capital   3,680,000 Retained earnings, 1/1/12   3,450,000 Net sales and other revenues   13,460,000 Costs and expenses 11,180,000   Income tax expenses 1,179,000     $25,480,000 $25,480,000       Other financial data for the year ended December 31, 2012: (1) 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, 2014. (2) 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. (3) 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, 2012 balance sheet, the current assets total is A) $5,605,000. B) $5,155,000. C) $6,280,000. D) $5,755,000.
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