- The Following Trial Balance Of Xyz Corp At December 31 2020 Has Been Properly Adjusted Xyz Corp Trial Balance Decemb 1 (59.07 KiB) Viewed 39 times
The following trial balance of XYZ Corp. at December 31, 2020 has been properly adjusted. XYZ Corp. Trial Balance December 31, 2020 Cr. Dr. 875,000 Cash $ Accounts receivable (net) 2,695,000 Inventory 2,085,000 8,269,000 Property, plant, and equipment (net) Accounts payable and accrued liabilities $ 1,761,000 Income taxes payable 654,000 85,000 Deferred income tax liability Common stock 2,350,000 Additional paid-in capital 3,680,000 Retained earnings, 1/1/20 3,490,000 Net sales and other revenues 13,560,000 Costs and expenses 11,180,000 476,000 Income tax expense $25,580.000 $25.580.000 Other financial data for the year ended December 31, 2020: $1,200,000 due from a customer (credit customer's account) was netted from accounts receivable. That is payable on December 31, 2021.