Question
Use the information in the post-closing trial balance presented below to calculate total current assets that will be reported in a classified statement of financial
Use the information in the post-closing trial balance presented below to calculate total current assets that will be reported in a classified statement of financial position for Anas Company (The operating cycle for this company is less than one year)
Accounts are not in the normal order.
Account | Dr | Cr |
Accounts Payable |
| 12,400 |
Supplies | 850 |
|
Inventory | 7,400 |
|
Vehicles | 20,000 |
|
Accumulated Depreciation -Vehicles |
| 8,000 |
Owner Capital |
| 95,350 |
Mortgage payable (due in 5 years) |
| 70,000 |
Cash | 6,300 |
|
Short term investment | 2,500 |
|
Goodwill | 24,000 |
|
Prepaid Expenses | 2,600 |
|
Land | 60,000 |
|
Land held for future investment | 75,000 |
|
Notes Receivable (due in 3 months) | 14,000 |
|
Buildings | 40,000 |
|
Accumulated Depreciation -Buildings |
| 14,000 |
Unearned Service Revenue |
| 2,300 |
long term financial investment | 20,000 |
|
salaries and wages payable |
| 3,600 |
Trademarks | 18,000 |
|
Long term Bonds payable |
| 85,000 |
Total | $ 290,650 | $ 290,650 |
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