Reference no: EM133011451
Janson Corporation Co.'s trial balance included the following account balances at December 31, 2021:
Accounts receivable $12,000
Inventory 40,000
Patent 12,000
Investments 30,000
Prepaid insurance 6,000
Notes receivable, due 2024 50,000
Problem 1: Investments consist of treasury bills that were purchased in November 2021, and mature in January 2022. Prepaid insurance is for two years. What amount should be included in the current assets section of Janson's December 31, 2021, balance sheet?
a. $88,000
b. $85,000
c. $55,000
d. $135,000
Problem 2: If a company records cash received for services to be provided in the future with a debit to Cash and a credit to Service Revenue, how will this error affect net income for the current period?
a. Net income will be too low.
b. Net income will be correct.
c. Net income will be too high.
d. Not possible to determine.
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