A. What is total current assets on this company's balance sheet?B. What is the correct order for the current assets section of this company's balance sheet?ANSWER IN DETAIL Huimin Ltd. had the following account balances at December 31, 2021:Account NameDividendsPrepaid expensesInterest expenseWebsite expenseAccounts receivableDeferred revenueIncome tax expenseCollections from customersPurchase of intangiblesPayments to suppliersTravel expenseRetained earnings (beginning of year)Payment of dividendsInsurance expenseOffice supplies expenseCash (beginning of year)Service revenueCash received from debtPrepaid insuranceAmount$2,5001,50075060017,3008503,75037,9451,02035,6001,8003,7002,5002,40035031,55033,72010,0001,200 Office supplies expenseCash (beginning of year)Service revenueCash received from debtPrepaid insuranceOffice suppliesBusiness licenceCash (end of year)Income tax payableOwners' capitalWebsite designTelephone expenseContributions by ownersAccounts payableBank loan payable, due in 202535031,55033,72010,0001,2009756047,87550021,0009603757,50012,62510.000

Current assets are the assets presented on the statement of financial position or the balance sheet…

Answered: A. What is total current assets on this…

A. What is total current assets on this company's balance sheet? B. What is the correct order for the current assets section of this company's balance sheet?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 1PB: Identify whether each of the following accounts would be considered a permanent account (yes/no) and...

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Question

A. What is total current assets on this company's balance sheet?

B. What is the correct order for the current assets section of this company's balance sheet?

ANSWER IN DETAIL

Huimin Ltd. had the following account balances at December 31, 2021:
Account Name
Dividends
Prepaid expenses
Interest expense
Website expense
Accounts receivable
Deferred revenue
Income tax expense
Collections from customers
Purchase of intangibles
Payments to suppliers
Travel expense
Retained earnings (beginning of year)
Payment of dividends
Insurance expense
Office supplies expense
Cash (beginning of year)
Service revenue
Cash received from debt
Prepaid insurance
Amount
$2,500
1,500
750
600
17,300
850
3,750
37,945
1,020
35,600
1,800
3,700
2,500
2,400
350
31,550
33,720
10,000
1,200

Office supplies expense
Cash (beginning of year)
Service revenue
Cash received from debt
Prepaid insurance
Office supplies
Business licence
Cash (end of year)
Income tax payable
Owners' capital
Website design
Telephone expense
Contributions by owners
Accounts payable
Bank loan payable, due in 2025
350
31,550
33,720
10,000
1,200
975
60
47,875
500
21,000
960
375
7,500
12,625
10.000

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