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Bridgeport Corporation's adjusted trial balance contained the following asset accounts at December 31, 2020. Cash $7,520, Land $43,600, Patents $20,700, Accounts Receivable 594,060, Prepaid Insurance $5.210, Inventory $34,500, Allowance for Doubtful Accounts $5,360, and Equity Investments (to be sold in the next quarter) $11.330. Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity)

Bridgeport Corporation's adjusted trial balance contained the following asset accounts at December 31, 2020. Cash $7,520, Land $43,600, Patents $20,700, Accounts Receivable 594,060, Prepaid Insurance $5.210, Inventory $34,500, Allowance for Doubtful Accounts $5,360, and Equity Investments (to be sold in the next quarter) $11.330. Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bridgeport Corporation's adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,520, Land $43,600, Patents $20,700, Accounts Receivable 594,060. Prepaid Insurance $5.210, Inventory $34,500, Allowance for Doubtful Accounts $5,360, and Equity Investments (to be sold in the next quarter) $11.330. Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity)
Transcribed Image Text:Bridgeport Corporation's adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,520, Land $43,600, Patents $20,700, Accounts Receivable 594,060. Prepaid Insurance $5.210, Inventory $34,500, Allowance for Doubtful Accounts $5,360, and Equity Investments (to be sold in the next quarter) $11.330. Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity)
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