Asked by Macey French on May 26, 2024
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On the basis of the following data related to assets due within one year for Simons Co., prepare a partial balance sheet in good form at December 31. Show total current assets. Cash $56,000 Accounts receivable 325,000 Allowance for doubtful accounts 25,000 Interest receivable 3,000 Supplies 4,000 Inventory 45,000 Other current assets 10,000\begin{array} { l r } \text { Cash } & \$ 56,000 \\\text { Accounts receivable } & 325,000 \\\text { Allowance for doubtful accounts } & 25,000 \\\text { Interest receivable } & 3,000 \\\text { Supplies } & 4,000 \\\text { Inventory } & 45,000 \\\text { Other current assets } & 10,000\end{array} Cash Accounts receivable Allowance for doubtful accounts Interest receivable Supplies Inventory Other current assets $56,000325,00025,0003,0004,00045,00010,000
Partial Balance Sheet
A financial statement that shows a portion of a company’s assets, liabilities, and equity at a specific point in time, rather than the complete picture.
Current Assets
Assets that are expected to be converted into cash within one year or within the operating cycle of the business, whichever is longer.
Assets Due
Assets or receivables that are scheduled to be received or settled at a future date.
- Construct and examine segmented balance statements.
Verified Answer
Learning Objectives
- Construct and examine segmented balance statements.
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