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Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
FindFindarrow_forward

Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 11, Problem 1PB
Textbook Problem
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Selected accounts from Hanna Corporation’s trial balance are as follows. Prepare the assets section of the company’s balance sheet.

Chapter 11, Problem 1PB, Selected accounts from Hanna Corporations trial balance are as follows. Prepare the assets section

To determine

To prepare:

The assets section of the company’s balance sheet.

Introduction:

The balance sheet of an organization represents the accounting equation in which summation of liability and owner equity turns out identical to total assets. This equation can be used to analyze the economic effects resulted out from operating activities.

Explanation of Solution

The assets section of the company’s balance sheet are as mentioned below:

H Corporation
Balance Sheet as at December,31
Amount ($) Amount($)
Current Assets
Cash 150,000
Accounts receivable 26,000
Short-term marketable securities 145,000
Inventories 90,000
Other current assets 10,000
Total Current Assets 421,000
Property, Plant and Equipment

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Chapter 11 Solutions

Principles of Accounting Volume 1
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