Harding Corporation has the following accounts included in its December 31, 2012, trial balance: Accounts Receivable $110,000; Inventory $290,000; Allowance for Doubtful Accounts $8,000; Patents $72.000; Prepaid Insurance $9,500; Accounts Payable $77,000, Cash $30,000. Prepare the current assets section of the balance sheet. (List current assets in order of liquidity.) Indicate whether the following item is on the balance sheet or the income statement: Notes payable (6 months). If it is on the balance sheet, designate which category would be appropriate for the item.
Harding Corporation has the following accounts included in its December 31, 2012, trial balance: Accounts Receivable $110,000; Inventory $290,000; Allowance for Doubtful Accounts $8,000; Patents $72.000; Prepaid Insurance $9,500; Accounts Payable $77,000, Cash $30,000. Prepare the current assets section of the balance sheet. (List current assets in order of liquidity.) Indicate whether the following item is on the balance sheet or the income statement: Notes payable (6 months). If it is on the balance sheet, designate which category would be appropriate for the item.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 4PB: Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts...
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