Maurice Tutor

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About Maurice Tutor

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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 5 Days Ago
Questions Answered: 66690
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 7.00

Trey Co.

Items 1 and 2 are based on the following:

The following trial balance of Trey Co. at December 31, 2006, has been adjusted except for income tax expense.

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Dr.

Cr.

Cash

$ 550,000

  

Accounts receivable, net

1,650,000

  

Prepaid taxes

300,000

  

Accounts payable

  

$ 120,000

Common stock

  

500,000

Additional paid-in capital

  

680,000

Retained earnings

  

630,000

Foreign currency translation adjustment

430,000

  

Revenues

  

3,600,000

Expenses

2,600,000

  
 

$5,530,000

$5,530,000

Additional information

  • During 2006, estimated tax payments of $300,000 were charged to prepaid taxes. Trey has not yet recorded income tax expense. There were no differences between financial statement and income tax income, and Trey’s tax rate is 30%.
  • Included in accounts receivable is $500,000 due from a customer. Special terms granted to this customer require payment in equal semiannual installments of $125,000 every April 1 and October 1.

In Trey’s December 31, 2006 balance sheet, what amount should be reported as total current assets?

  1. $1,950,000
  2. $2,200,000
  3. $2,250,000
  4. $2,500,000

In Trey’s December 31, 2006 balance sheet, what amount should be reported as total retained earnings?

  1. $1,029,000
  2. $1,200,000
  3. $1,330,000
  4. $1,630,000

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 11:09 PM My Price 7.00

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