Question
Ahmad Co.'s trial balance included the following account balances at December 31, 2013: Accounts receivable $12,000 Inventories 40,000 Patent 12,000 Investments 30,000 Prepaid insurance 6,000
Ahmad Co.'s trial balance included the following account balances at December 31, 2013:
Accounts receivable
$12,000
Inventories
40,000
Patent
12,000
Investments
30,000
Prepaid insurance
6,000
Note receivable, due 2016
50,000
Investments consist of treasury bills that were purchased in November and mature in January. Prepaid insurance is for the next two years. What amount should be included in the current asset section of Ahmad's December 31, 2013, statement of financial position?
Ahmad Co.'s trial balance included the following account balances at December 31, 2013:
Accounts receivable | $12,000 |
Inventories | 40,000 |
Patent | 12,000 |
Investments | 30,000 |
Prepaid insurance | 6,000 |
Note receivable, due 2016 | 50,000 |
Investments consist of treasury bills that were purchased in November and mature in January. Prepaid insurance is for the next two years. What amount should be included in the current asset section of Ahmad's December 31, 2013, statement of financial position?
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Managerial Accounting
Authors: John J. Wild, Ken W. Shaw
2010 Edition
9789813155497, 73379581, 9813155493, 978-0073379586
