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Question - Red Velvet's trial balance reflected the following account balances at December 31, 20x1:
Accounts receivable (net) 24,000
Trading securities 6,000
Accumulated depreciation on equipment and furniture 15,000
Cash 16,000
Inventory 30,000
Equipment 25,000
Patent 4,000
Prepaid expenses 2,000
Land held for future business site 18,000
In Red Velvet's December 31, 20x1 balance sheet, calculate the current assets total?
a. 95,000.
b. 87,000.
c. 82,000.
d. 78,000.
You have ascertained that the bank cashed a cheque on this account, in the amount of $6,500, Prepare the bank reconciliation at the end of September
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