Apollo Corporation reported the following selected accounts and amounts at November 30, 2018:
Accounts payable...................................................$ 22,600
Accounts receivable..................................................18,200
Advances to employees..............................................2,900
Allowance for doubtful accounts...............................1,300
Allowance for doubtful notes (current)......................5,000
Bad debts expense......................................................2,000
Cash............................................................................7,500
Interest expense..........................................................2,400
Interest revenue..........................................................6,000
Inventory..................................................................26,400
Notes receivable (current).........................................25,000
Notes receivable (non-current)..................................75,000
Prepaid insurance........................................................1,500
Sales........................................................................370,000
Sales discounts..........................................................12,000
Sales tax recoverable...................................................3,150
Instructions
(a) Identify which of the above accounts are statement of financial position (SFP) accounts and which are income statement (IS) accounts.
(b) Indicate where each of the income statement accounts would be reported (for example, operating revenue, operating expenses, non-operating expenses, or non-operating revenue).
(c) Prepare the current assets section of Apollo's statement of financial position.