A. What is total current assets on this company's balance sheet? B. What is the correct order for the current assets section of this company's balance sheet?
A. What is total current assets on this company's balance sheet? B. What is the correct order for the current assets section of this company's balance sheet?
A. What is total current assets on this company's balance sheet? B. What is the correct order for the current assets section of this company's balance sheet?
A. What is total current assets on this company's balance sheet?
B. What is the correct order for the current assets section of this company's balance sheet?
ANSWER IN DETAIL
Transcribed Image Text:Huimin Ltd. had the following account balances at December 31, 2021:
Account Name
Dividends
Prepaid expenses
Interest expense
Website expense
Accounts receivable
Deferred revenue
Income tax expense
Collections from customers
Purchase of intangibles
Payments to suppliers
Travel expense
Retained earnings (beginning of year)
Payment of dividends
Insurance expense
Office supplies expense
Cash (beginning of year)
Service revenue
Cash received from debt
Prepaid insurance
Amount
$2,500
1,500
750
600
17,300
850
3,750
37,945
1,020
35,600
1,800
3,700
2,500
2,400
350
31,550
33,720
10,000
1,200
Transcribed Image Text:Office supplies expense
Cash (beginning of year)
Service revenue
Cash received from debt
Prepaid insurance
Office supplies
Business licence
Cash (end of year)
Income tax payable
Owners' capital
Website design
Telephone expense
Contributions by owners
Accounts payable
Bank loan payable, due in 2025
350
31,550
33,720
10,000
1,200
975
60
47,875
500
21,000
960
375
7,500
12,625
10.000
Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.
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