Rudy Corporation provided the following trial balance on September 30, 2X20, which had been adjusted, except for income tax expense: Cash 675,000 Accounts receivable (net) 2,695,000 Inventory...


Please answer the following questions.


1. Total Current Assets


2. Total Current Liabilities


3. Retained Earnings


Rudy Corporation provided the following trial balance on September 30, 2X20, which had been adjusted, except<br>for income tax expense:<br>Cash<br>675,000<br>Accounts receivable (net)<br>2,695,000<br>Inventory<br>Property, plant, and equipment (net)<br>Accounts payable and accrued liabilities<br>Income tax payable<br>Deferred tax liability<br>Share capital<br>Share premium<br>Retained earnings, January 1<br>Net sales and other revenue<br>2,185,000<br>10,245,000<br>1,800,000<br>1,500,000<br>750,000<br>2,500,000<br>3,000,000<br>3,350,000<br>15,000,000<br>Cost and expenses<br>Income tax expense<br>10,000,000<br>2,100,000<br>27,900,000<br>27,900,000<br>The accounts receivable included P1,000,000 due from customers and payable in quarterly installments of<br>P125,000. The last payment is due September 30, 2X22. During the year, the estimated tax payment of<br>P600,000 was charged to income tax expense. The income tax rate is 30% on all types of income.<br>

Extracted text: Rudy Corporation provided the following trial balance on September 30, 2X20, which had been adjusted, except for income tax expense: Cash 675,000 Accounts receivable (net) 2,695,000 Inventory Property, plant, and equipment (net) Accounts payable and accrued liabilities Income tax payable Deferred tax liability Share capital Share premium Retained earnings, January 1 Net sales and other revenue 2,185,000 10,245,000 1,800,000 1,500,000 750,000 2,500,000 3,000,000 3,350,000 15,000,000 Cost and expenses Income tax expense 10,000,000 2,100,000 27,900,000 27,900,000 The accounts receivable included P1,000,000 due from customers and payable in quarterly installments of P125,000. The last payment is due September 30, 2X22. During the year, the estimated tax payment of P600,000 was charged to income tax expense. The income tax rate is 30% on all types of income.

Jun 11, 2022
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