Use the Following Information for Questions

question 41

Multiple Choice

Use the following information for questions.
Venus Corp.'s trial balance at December 31, 2017 is properly adjusted except for the income tax expense adjustment. Other financial data for the year ended December 31, 2017:
Included in accounts receivable is $720,000 due from a customer and payable in quarterly instalments of $90,000.The last payment is due December 29, 2019.
The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $30,000 is classified as a current liability.
During the year, estimated tax payments of $465,000 were charged to income tax expense.The current and future tax rate on all types of income is 35 percent.
-In Venus's December 31, 2017 statement of financial position, the current liabilities total is

• A)$2,435,000.
• B)$2,695,000.
• C)$2,200,000.
• D)$2,114,000.

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Definitions:

Conduct Business

The act of engaging in activities that involve the sale or purchase of goods and services with the aim of earning profits.

Pocahontas

A Native American woman notable for her association with the colonial settlement at Jamestown, Virginia, and her role in fostering peace between English colonists and Native Americans.

John Smith

John Smith was an English soldier, explorer, and author, best known for his role in establishing the first permanent English settlement in North America at Jamestown, Virginia, and his interactions with the Native American population.