Question
Flex Corporation adjusted trial balance included the following account balances on December 31, 2022 (Note some of the accounts have a debit and some have
Flex Corporation adjusted trial balance included the following account balances on December 31, 2022 (Note some of the accounts have a debit and some have a credit balance):
Cash | $28,000 |
Accounts Receivable | 54,000 |
Inventories | 16,000 |
Patent | 8,000 |
Investments | 12,000 |
Prepaid Insurance | 4,000 |
Unearned rent revenue | 50,000 |
Allowance for bad debt | 12,000 |
Land held for speculative reasons | 36,000 |
Building | 70,000 |
Accumulated Depreciation on Building | 50,000 |
Investments consist of trading securities. Prepaid insurance will expire next year (2023). What amount should be included in the current asset section of Flex’s December 31, 2022, balance sheet?
Group of answer choices
$102,000
$98,000
$140,000
$90,000
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Fundamental Accounting Principles Volume 1
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
15th Canadian Edition
1259259803, 978-1259259807
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