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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 :

The current assets total of  Reese Corp. at December 31, 2014 is $5,555,000

What are current assets?

Current assets are short-term resources owned by Reese Corp. which are used in its daily operations such as the cash, accounts receivable as well inventory of goods and services.

In other words, in a bid to determine the current assets total, we sum up the cash, accounts receivable and the inventory of the company since there are no other current assets aside the aforementioned ones.

Current assets total=cash+ accounts receivable+ inventory

cash=$775,000

accounts receivable=$2,695,000

inventory=$2,085,000

current assets total=$775,000+$2,695,000+$2,085,000

current assets total=$5,555,000

Find out more about current assets on:brainly.com/question/28574026

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