The December 31, 2024, adjusted trial balance of Wildhorse Company includes the following accounts:Accounts receivablePrepaid insuranceGoodwillSupplies$13,5001,4008,900(a)4,000Vehicles22,400Notes receivable (due February 1, 2026) 6.100PatentsUnearned revenueCashShort-term investmentsMerchandise inventory$3,8002,90015,1007,0009,500Determine which accounts are current assets and prepare the current assets section of the balance sheet as at Decembe2024, with the accounts in order of decreasing liquidity (List Current Assets in order of decreasing liquidity)

Current assets:The assets of the company are the valuable resources that are used in the company's…

Supplies 8,900 (a) 4,000 Vehicles 22,400 Notes receivable (due February 1, 2026) 6.100 Cash Short-term investments Merchandise inventory 15,100 7,000 9,500 Determine which accounts are current assets and prepare the current assets section of the balance sheet as at Decembe 2024, with the accounts in order of decreasing liquidity (List Current Assets in order of decreasing liquidity)

Supplies 8,900 (a) 4,000 Vehicles 22,400 Notes receivable (due February 1, 2026) 6.100 Cash Short-term investments Merchandise inventory 15,100 7,000 9,500 Determine which accounts are current assets and prepare the current assets section of the balance sheet as at Decembe 2024, with the accounts in order of decreasing liquidity (List Current Assets in order of decreasing liquidity)

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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On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
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