Question
Trudnowski Corporation Co.'s trial balance included the following account balances on December 31, 2020 Accounts Receivable $12,000 inventories $40,000 patent $12,000 Investments $30,000 prepaid insurance
Trudnowski Corporation Co.'s trial balance included the following account balances on December 31, 2020
Accounts Receivable $12,000
inventories $40,000
patent $12,000
Investments $30,000
prepaid insurance $6,000
Note receivable, due jan. 2019, $50,000
Investments consist of treasury bills that were purchased in November and mature in January. Prepaid insurance is for the next two years. What amount should be included in the current asset section of Trudnowski's December 31, 2020, balance sheet?
Question 6 options: A) $85,000 B) $55,000 C) $88.000 D) $135,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started