Suppose the following items were taken from the December 31, 2018, assets section of the Warren Company balance sheet. (All dollars are in millions.)Prepare the assets section of a classified balance sheet, listing the current assets in order of their liquidity. Inventory$17,000Patents$12,500Notes receivable—due after December 31, 20195,500Buildings21,600Notes receivable—due before December 31, 2019400Cash9,200Accumulated depreciation—buildings12,800Accounts receivable5,800 Debt investments (short-term)2,008Checking my answer: I am confused about the notes receivable.

Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Answered: Suppose the following items were taken…

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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Suppose the following items were taken from the December 31, 2018, assets section of the Warren Company balance sheet. (All dollars are in millions.)

Prepare the assets section of a classified balance sheet, listing the current assets in order of their liquidity.

Inventory	$17,000	Patents	$12,500
Notes receivable—due after December 31, 2019	5,500	Buildings	21,600
Notes receivable—due before December 31, 2019	400	Cash	9,200
Accumulated depreciation—buildings	12,800	Accounts receivable	5,800
		Debt investments (short-term)	2,008

Checking my answer: I am confused about the notes receivable.

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