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25 August, 22:37

Culver Corporation's adjusted trial balance contained the following asset accounts at December 31, 2017: Cash $8,220, Land $40,800, Patents $16,000, Accounts Receivable $97,530, Prepaid Insurance $6,040, Inventory $34,900, Allowance for Doubtful Accounts $4,520, and Equity Investments (to be sold in the next quarter) $13,510. Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)

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  1. 25 August, 22:57
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    See explanation Section

    Explanation:

    Culver Corporation

    Balance Sheet (Current Asset only)

    As at December 31, 2017

    Particulars $ $

    Cash $8,220

    Accounts Receivable $97,530

    Less: Allowance for

    Doubtful Accounts (4,520) $93,010

    Prepaid Insurance $6,040

    Inventory $34,900

    Equity Investments $13,510

    Current Assets $155,680

    Note: As equity investment will be sold in the next year, it is shown as current assets. Land and patents are property, plant, and equipment.
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