The following trial balance of Reese Corp. at December 31, 2014 has been properly adjusted except for the income tax expense adjustment. Reese Corp. Trial Balance December 31, 2014 Dr. Cr. Cash $ 775,000 Accounts receivable (net) 2,695,000 Inventory 2,085,000 Property, plant, and equipment (net) 7,566,000 Accounts payable and accrued liabilities $ 1,701,000 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, 1/1/14 3,450,000 Net sales and other revenues 13,560,000 Costs and expenses 11,180,000 Income tax expenses 1,179,000 $25,480,000 $25,480,000 07. The current assets total is: A. $6,080,000 C. $5,405,000 B. $5,555,000 D. $4,955,000

Respuesta :

Based on the balances in Reese Corp's trial balance, the current assets total can be found to be B. $5,555,000

What is the total current assets?

The total of the current assets can be found by the formula:

= Inventory + Accounts Receivable + Cash

Solving then gives:

= 775,000 + 2,695,000 + 2,085,000

= $5,555,000

In conclusion, the current assets for Reese Corp is $5,555,000 .

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