Reference no: EM132483187
the trail balance at December 31, Year 6 and has been adjusted except for income tax expense. during the year 6, estimated tax payments of $450,000 were charged to prepaid taxes. the income tax expense has not been recorded. there are no temporary or permanent differences - the tax rate is 30%
Debit Credit
cash . $600,000 -
accounts receivable, net 3,500,000
contract liability 1,600,000
pre-paid taxes $700,000
fixed assets, net 1, 450,000
Note payable - non-current 1,620,000
Common Stock 750,000
Additional paid-in-capital 2,000,000
Retained earnings - unappropriated 900,000
Retained earnings - restricted for note payable 160,000
Earnings from long-tern contracts 6,680,000
costs and expenses 5,180,000
$12,810,000 $12,810,000
Question 1: For December 31, Year 6, balance sheet, what amount should be reported as total retained earnings?
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