Reference no: EM132544332
Question - The following trial balance of Trey Co. at December 31, 2017 has been adjusted except for income tax expense.
Dr.Cr.
Cash $550,000
Accounts Receivable, net 1,650,000
Prepaid taxes 300,000
Accounts payable $120,000
Common stock 500,000
Additional paid-in capital 680,000
Retained earnings 630,000
Foreign currency translation adjustment 430,000
Revenues 3,600,000
Expenses 2,600,000
$5,530,000 $5,530,000
Additional information: During 2017, estimated tax payments of $300,000 were charged to prepaid taxes. Trey has not yet recorded income tax expense. There were no differences between the financial statement and the income tax income, and Trey's tax rate is 30%.
Included in accounts receivable is $500,000 due from a customer. Special terms granted to this customer require payments in equal, semiannual installments of $125,000 every April 1 and October 1.
In Trey's December 31, 2017 Balance Sheet, what amount should be reported as total current assets?