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S7-5. Balance sheet presentation of cash (Learning Objective 2) 510 min. Prepare the current assets section of the balance sheet as of December 31, 2010,

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S7-5. Balance sheet presentation of cash (Learning Objective 2) 510 min. Prepare the current assets section of the balance sheet as of December 31, 2010, for Lipton, Inc., using the following information: Accounts Receivable Petty Cash.......... Cash in Bank Accounts Inventory.... $63,000 500 22,000 $55,500

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