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Question - The following select account balances, in alphabetical order, were taken from Company X's adjusted trial balance at 12/31/20:
Debit Credit
Accounts Payable $7,000
Accounts Receivable $25,000
Accumulated Depreciation 18,000
Allowance for Doubtful Accounts 1,000
Cash 9,000
Inventory 40,000
Land 60,000
Machinery 75,000
Note Payable (due April 2021) 20,000
Note Receivable (due Sept 2022) 15,000
Unearned Revenue 2,000
Required - What amounts should Tom Petty report on its balance sheet for current assets and current liabilities at 12/31/20?
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