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What would Desert report for Current Assets

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Reference no: EM132814197

Problem - Desert Company reported the following account balances at the end of the 1st quarter:

Prepaid Expenses* $4,000

Patents $28,000

PPE (net) $400,000

Cash $31,000

Trading Securities $12,000

Unearned Revenue $23,000

Retained Earnings $550,000

Accounts Receivable (net) $62,000

Notes Payable $84,000

*Prepaid Expenses are for a 2-year lease, beginning January of this year.

Required - What would Desert report for Current Assets on its quarterly balance sheet?

Reference no: EM132814197

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