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Looking for Correct answer of my wrong answers(except green tab ) including red and white tab. It is a partial financial position statement. Kokomo Corporation
Looking for Correct answer of my wrong answers(except green tab ) including red and white tab.
It is a partial financial position statement.
Kokomo Corporation reported the following selected items at February 28, 2021: Accounts payable Accounts receivable Allowance for doubtful accounts Bad debts expense Cash Deferred revenue Estimated inventory returns $862,960 432,400 27,600 22,080 138,000 4,600 17,480 Inventory Notes receivable-due November 1, 2021 Notes receivable-due April 1, 2024 Prepaid rent Sales tax recoverable Trading investments $349,600 276,000 368,000 7,360 34,960 303,600 Prepare the current assets section of Kokomo's statement of financial position. (List Current Assets in order of liquidity.) Prepare the current assets section of Kokomo's statement of financial position. (List Current Assets in order of liquidity.) KOKOMO CORPORATION Statement of Financial Position (Partial) February 28, 2021 Assets Current Assets Cash $ 138000 Inventory 349600 Accounts Receivable $ 432000 Less : Allowance for Doubtful Accounts 27600 332120 Prepaid Rent 7360 Notes Receivable 276000 Notes Receivable 368000 Sales Tax Recoverable 34960 Trading Investments 303600 Total Current Assets 1892040Step by Step Solution
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