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Consider the following December 31, fiscal year end account balance information : Cash and cash equivalent $25,000 Accounts receivable(net) 40,000 Prepaid Insurance 12,000 Property, plant, and equipment 100,000 Accounts payable 8,000 Salaries payable 15,000 Cash includes $4,000 restricted for future plant expansion. Prepaid Insurance is a 6-year policy. Total current asset at December 31,2012 would be reported as

Consider the following December 31, fiscal year end account balance information : Cash and cash equivalent $25,000 Accounts receivable(net) 40,000 Prepaid Insurance 12,000 Property, plant, and equipment 100,000 Accounts payable 8,000 Salaries payable 15,000 Cash includes $4,000 restricted for future plant expansion. Prepaid Insurance is a 6-year policy. Total current asset at December 31,2012 would be reported as

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 6E: Fixed asset purchases with note On June 30, Collins Management Company purchased land for 400,000...
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Consider the following December 31, fiscal year end account balance information :

Cash and cash equivalent $25,000

Accounts receivable(net) 40,000

Prepaid Insurance 12,000

Property, plant, and equipment 100,000

Accounts payable 8,000

Salaries payable 15,000

Cash includes $4,000 restricted for future plant expansion. Prepaid Insurance is a 6-year policy.

Total current asset at December 31,2012 would be reported as

 

 

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