Balance Sheet

Oracle Corporation had the following adjusted trial balance at the end of December 31, 2020.

	Debit	Credit
Cash	$15,000
Accounts Receivable	7,000
Supplies	2,000
Prepaid Insurance	4,000
Equipment	50,000
Accumulated Depreciation - Equipment		$10,000
Accounts Payable		20,000
Note Payable (for a 3 month note)		3,000
Note Payable (for a 10 year note)		10,000
Salaries and Wages Payable		2,000
Unearned Service Revenue		1,500
Common Stock		30,000
Retained Earnings		20,000
Service Revenue		23,100
Selling Expenses	8,000
Administrative Expenses	100
Depreciation Expense - Equipment	10,000
Interest Expense	1,000
Loss Due to Volcano Eruption	22,500
Totals	119,600	119,600

Additional Information:

1. No Dividends were declared during 2020.

Using the accounting information above, answer the questions below about Oracle Corporation. (Press the 'Next' button below to go to the next question)

(HINT: Prepare the Balance Sheet before answering the questions to help with answering the questions)

What are the Total Assets for Oracle Corporation?

68,000

40,000

26,500

28,000

What are the Total Current Liabilities for Oracle Corporation?

26,500

36,500

10,000

31,500

What is the Total Stockholders' Equity for Oracle Corporation?

36,500

31,500

1,500

30,000

What is the Net Book Value of the Equipment for Oracle Corporation?

60,000

10,000

40,000

50,000

The correct order to present the current assets for Oracle Corporation is

cash, supplies, prepaid insurance, accounts receivable

cash, accounts receivable, supplies, prepaid insurance

cash, accounts receivable, prepaid insurance, supplies

cash, supplies, accounts receivable, prepaid insurance