The following are the current assets of Barnes Co. as of December 31: Accounts Receivable $38,000 Allowance for Doubtful Accounts 5,000 Cash 45,000 Interest Receivable 5,500 Inventory 88,000 Notes Receivable 100,000 Prepare the current asset section of the balance sheet. Barnes Co. Balance Sheet December 31 Assets Current Assets: Total Current Assets
The following are the current assets of Barnes Co. as of December 31: Accounts Receivable $38,000 Allowance for Doubtful Accounts 5,000 Cash 45,000 Interest Receivable 5,500 Inventory 88,000 Notes Receivable 100,000 Prepare the current asset section of the balance sheet. Barnes Co. Balance Sheet December 31 Assets Current Assets: Total Current Assets
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The following are the current assets of Barnes Co. as of December 31:
Accounts Receivable
$38,000
Allowance for Doubtful Accounts
5,000
Cash
45,000
Interest Receivable
5,500
Inventory
88,000
Notes Receivable
100,000
Prepare the current asset section of the balance sheet.
Barnes Co.
Balance Sheet
December 31
Assets
Current Assets:
Total Current Assets
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0cfcdf39-9cb9-4d14-8e9c-b91cf16b8a6d%2F977319b0-57d4-4e78-9f0a-aecac387f111%2F3uamt96_processed.png&w=3840&q=75)
Transcribed Image Text:The following are the current assets of Barnes Co. as of December 31:
Accounts Receivable
$38,000
Allowance for Doubtful Accounts
5,000
Cash
45,000
Interest Receivable
5,500
Inventory
88,000
Notes Receivable
100,000
Prepare the current asset section of the balance sheet.
Barnes Co.
Balance Sheet
December 31
Assets
Current Assets:
Total Current Assets
%24
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education