Use the Following Information for Questions 98 Through 100 $\bullet$ Included in Accounts Receivable Is $1,200,000 Due from a Customer

question 27

Multiple Choice

Use the following information for questions 98 through 100.
The following trial balance of Reese Corp. at December 31, 2014 has been properly adjusted except for the income tax expense adjustment. Other financial data for the year ended December 31, 2014:
$\bullet$ Included in accounts receivable is $1,200,000 due from a customer and payable in quarterly installments of $150,000. The last payment is due December 29, 2016.
$\bullet$ The balance in the Deferred Income Tax Liability account pertains to a temporary difference that arose in a prior year, of which $20,000 is classified as a current liability.
$\bullet$ During the year, estimated tax payments of $525,000 were charged to income tax expense. The current and future tax rate on all types of income is 30%.
In Reese's December 31, 2014 balance sheet,
-The current liabilities total is

• A) $1,850,000.
• B) $1,915,000.
• C) $2,375,000.
• D) $2,440,000.

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Definitions:

Epistemology of the Closet

A concept in queer theory that explores how knowledge, truth, and secrecy shape the discourse around sexuality.

Heterosexual Matrix

A concept suggesting that gender identity and sexual orientation are not independent, and that societal norms enforce heterosexuality as natural.

Compulsory Heterosexuality

The societal expectation that heterosexuality is the normative and enforced sexual orientation.

Homosexual Melancholy

The profound sadness or depression that a homosexual individual may experience due to societal rejection or oppression.