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

question 63

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 final retained earnings balance is

• A) $4,651,000.
• B) $4,736,000.
• C) $5,176,000.
• D) $5,105,000.

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Definitions:

Cardiac Cycle

The sequence of events that occur in the heart during one heartbeat, involving contraction and relaxation of the atria and ventricles.

Ventricular Depolarization

The electrical activity that triggers contraction of the ventricles, the heart's lower chambers, during the cardiac cycle.

Ventricular Repolarization

is the process of restoring the heart's ventricles to their resting state after contraction, depicted as the T wave on an ECG.

Cardiac Cycle

The sequence of events that occur in the heart during one heartbeat, including systole and diastole phases.