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Question - Preparing the Current Asset Section

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Question - Preparing the Current Asset Section

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: EM132624352

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