19 A receivable classified as current on the statement offinancial position is expected to be collected within A. The current operating cycle. B. 1 year. c. The current operating cycle or 1 year, whichever is longer. D. The current operating cycle or 1 year, whichever is shorter. 10 Clear Co.'s trial balance has following selected accounts: the Cash (includes S10,000 in bond-sinking fund for long-term bond payable s50,000 Accounts receivable 20,000 Allowance for doubtful accounts 5,000 Deposits received from customers 3,000 Merchandise inventory 7,000 Unearned rent 1,000 What amount should clear report as total current assets in its balance sheet? A. $62,000 B. $65,000 C. $70,000 D. S72,000 time is the financial statement that provides a summary of the firm's operations for a period of 11 The A. Income statement. B. Statement of financial position. C. Statement of shareholders' equity. D. Statement ofretained earnings