The following trial balance of ABC Corporation at December 31, has properly adjusted except for the income tax expense adjustment cash 775, Account receivable (net) 2695, Inventory 2085, PP and equipment (net) 7566 Account payable and accrued liabilities 170, Income tax payable 654, differed income tax lab 85, common stocks 2350, additional paid in capital 3680, retained earnings 1/1/2014 3450, net sales and revenues 13560, cost of expense 11,180; income tax expense 1179
a) Included in accounts receivable is $1200 due from a customer and payable in quarterly in instalments of $150. The last payment is due December 29, 2016
b) The balance in the deferred income tax liability account pertain to a temporary difference that arose in a prior year of which $20 is classified as a current liability
c) During the year estimated tax payments of 525 were charged to income tax expense. The current and future tax rate on all types of income is 30%
Prepare the classified balance sheet please show me the steps of how you got the answers