Culver Limited reports the following selected information at December 31, 2024: Accounts receivable $299,000 Interest income $12,200 Advances to employees 10,000 Interest receivable 8,000 Allow. for expected credit losses 15,000 Inventory 224,000 Credit losses 19,000 Notes receivable (due in 120 days) 50,000 Cost of goods sold 2,330,000 Notes receivable (due in 4 years) 152,000 Depreciation expense 100,000 Salaries expense 804,000 Income tax expense 152,000 Sales 4,200,000 Income tax receivable 14,900 Sales tax recoverable 5,000 Prepare a partial statement of financial position for Culver Ltd. (List current assets in order of liquidity.)
Culver Limited reports the following selected information at December 31, 2024: Accounts receivable $299,000 Interest income $12,200 Advances to employees 10,000 Interest receivable 8,000 Allow. for expected credit losses 15,000 Inventory 224,000 Credit losses 19,000 Notes receivable (due in 120 days) 50,000 Cost of goods sold 2,330,000 Notes receivable (due in 4 years) 152,000 Depreciation expense 100,000 Salaries expense 804,000 Income tax expense 152,000 Sales 4,200,000 Income tax receivable 14,900 Sales tax recoverable 5,000 Prepare a partial statement of financial position for Culver Ltd. (List current assets in order of liquidity.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Culver Limited reports the following selected information at December 31, 2024:
Accounts receivable
$299,000
Interest income
$12,200
Advances to employees
10,000
Interest receivable
8,000
Allow. for expected credit losses
15,000
Inventory
224,000
Credit losses
19,000
Notes receivable (due in 120 days)
50,000
Cost of goods sold
2,330,000
Notes receivable (due in 4 years)
152,000
Depreciation expense
100,000
Salaries expense
804,000
Income tax expense
152,000
Sales
4,200,000
Income tax receivable
14,900
Sales tax recoverable
5,000
Prepare a partial statement of financial position for Culver Ltd. (List current assets in order of liquidity.)
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