Suppose the following items were taken from the December 31, 2018, assets section of the Warren Company balance sheet. (All dollars are in millions.) Prepare the assets section of a classified balance sheet, listing the current assets in order of their liquidity. Inventory $17,000 Patents $12,500 Notes receivable—due after December 31, 2019 5,500 Buildings 21,600 Notes receivable—due before December 31, 2019 400 Cash 9,200 Accumulated depreciation—buildings 12,800 Accounts receivable 5,800 Debt investments (short-term) 2,008
Suppose the following items were taken from the December 31, 2018, assets section of the Warren Company balance sheet. (All dollars are in millions.) Prepare the assets section of a classified balance sheet, listing the current assets in order of their liquidity. Inventory $17,000 Patents $12,500 Notes receivable—due after December 31, 2019 5,500 Buildings 21,600 Notes receivable—due before December 31, 2019 400 Cash 9,200 Accumulated depreciation—buildings 12,800 Accounts receivable 5,800 Debt investments (short-term) 2,008
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...
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Suppose the following items were taken from the December 31, 2018, assets section of the Warren Company balance sheet. (All dollars are in millions.)
Prepare the assets section of a classified balance sheet, listing the current assets in order of their liquidity.
|
Inventory |
$17,000 |
Patents |
$12,500 |
|
Notes receivable—due after December 31, 2019 |
5,500 |
Buildings |
21,600 |
|
Notes receivable—due before December 31, 2019 |
400 |
Cash |
9,200 |
|
Accumulated |
12,800 |
Accounts receivable |
5,800 |
|
|
|
Debt investments (short-term) |
2,008 |
Checking my answer: I am confused about the notes receivable.
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