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Prepare current asset section of a classified balance sheet

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Reference no: EM132623977

Preparing the Current Asset Section

Problem 1: Prepare the current asset section of a classified balance sheet given the following account balances on December 31, 2020.

Accounts receivable $18,000

Cash equivalents     $400

Allowance for doubtful accounts 800

Equipment                              40,000

Accounts payable                    20,000

Inventory                                20,000

Cash                                       5,600

Prepaid insurance                         400

Note: Combine cash and cash equivalents into one line item.

Reference no: EM132623977

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