Wildhorse Co. at the end of 2020, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income $1110000 Estimated litigation expense 2850000 Installment sales (2280000) Taxable income $1680000 The estimated litigation expense of $2850000 will be deductible in 2022 when it is expected to be paid. The gross profit from the installment sales will be realized in the amount of $1140000 in each of the next two years. The estimated liability for litigation is classified as noncurrent and the installment accounts receivable are classified as $1140000 current and $1140000 noncurrent. The income tax rate is 20% for all years. The income tax expense is

Depreciation on the company's equipment for 2017 is computed to be $18,000.the prepaid insurance account had a $6,000 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains.the office supplies account had a $700 debit balance on december 31, 2016; and $3,480 of office supplies were purchased during the year. the december 31, 2017, physical count showed $300 of supplies available.two-thirds of the work related to $15,000 of cash received in advance was performed this period.the prepaid insurance account had a $6,800 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of insurance policies showed that $5,800 of coverage had expired.wage expenses of $3,200 have been incurred but are not paid as of december 31, 2017.

Factors like the unemployment rate, the stock market, global trade, economic policy, and the economic situation of other countries have no influence on the financial status of individuals. question 1 options: true false

The following information is available for ellen's fashions, inc. for the current month. book balance end of month $ 7 comma 000 outstanding checks 700 deposits in transit 4 comma 500 service charges 120 interest revenue 45 what is the adjusted book balance on the bank reconciliation?