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Madison Inc. started operations in 2001. As of December 31, 2020, Madison had 10,000 shares of no-par common stock authorized issued and outstanding. The
Madison Inc. started operations in 2001. As of December 31, 2020, Madison had 10,000 shares of no-par common stock authorized issued and outstanding. The December 31, 2020, adjusted trial balance for Madison is presented below: Cash Accounts receivable Inventory Goodwill Equipment Accounts payable Debit $ 7,000 Credit 26,000 11,000 12,000 64,000 $ 14,000 Accumulated depreciation equipment Allowance for uncollectible accounts Bonds payable, due in 2024 20,000 2,000 24,000 Notes payable, due in 2021 12,000 Interest payable (paid semi-annually) 2,000 Common stock 20,000 Retained earnings 12,000 Sales revenue 62,000 Costs of goods sold 20,000 Salaries expense 18,000 Depreciation expense 6,000 Interest expense 4,000 Totals $168,000 $168,000 Prepare the Current Assets section of the classified balance sheet for Madison In December 31, 2020.
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