Posted by jason on Sunday, May 11, 2008 at 2:37am.
Below are two questions from my accounting class. I am not sure how to approach this kind of problem. Any help or suggestions would be greatly appreciated.
Thanks in advance!
The following trial balance of Trane Corp. at December 31, 2001 has
been properly adjusted except for the income tax expense adjustment.
December 31, 2001
Cash $ 875,000
Accounts receivable (net) 2,695,000
Property, plant, and equipment (net) 7,366,000
Accounts payable and accrued liabilities $ 1,501,000
Income taxes payable 654,000
Deferred income tax liability 85,000
Common stock 2,350,000
Additional paid-in capital 3,680,000
Retained earnings, 1/1/01 3,650,000
Net sales and other revenues 13,360,000
Costs and expenses 11,080,000
Income tax expenses 1,179,000
Other financial data for the year ended December 31, 2001:
Included in accounts receivable is $960,000 due from a
customer and payable in quarterly installments of $120,000. The last
payment is due December 29, 2003.
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.
During the year, estimated tax payments of $425,000 for the year 2002
were charged to income tax expense.
In Trane's December 31, 2001 balance sheet,
14. The current assets total is
15. The final retained earnings balance is
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