Use the following information to prepare the current assets section of Lima Co Adjusted Trial Balance Cash and equivalents Accounts receivable Merchandise inventory Prepaid insurance Land Accounts payable Common stock Retained earnings Sales Cost of goods sold Wages expense Totals Current assets LIMA COMPANY Balance Sheet December 31 Assets Total current assets Debit $ 5,200 Credit 3,200 6,200 2,200 21,200 $ 4,200 12,400 19,600 18,200 9,200 7,200 $ 54,400 $ 54,400

Use the following information to prepare the current assets section of Lima Co Adjusted Trial Balance Cash and equivalents Accounts receivable Merchandise inventory Prepaid insurance Land Accounts payable Common stock Retained earnings Sales Cost of goods sold Wages expense Totals Current assets LIMA COMPANY Balance Sheet December 31 Assets Total current assets Debit $ 5,200 Credit 3,200 6,200 2,200 21,200 $ 4,200 12,400 19,600 18,200 9,200 7,200 $ 54,400 $ 54,400

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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