Chapter 5, Problem 2BE

To determine

Current assets: Current assets are assets that a company can convert into cash in a year or within an operating cycle.

To prepare: The current assets section of the balance sheet.

Given information:

Particulars	Amount ($)
Cash	7,000
Land	40,000
Patents	12,500
Accounts Receivable	90,000
Prepaid Insurance	5,200
Inventory	30,000
Allowance for Doubtful Accounts	4,000
Equity Investments (trading)	11,000