Question

Janson Corporation Co.'s trial balance included the following account balances at December 31, 2019: Account receivable 12,000 Inventory 40,000 Patent $12,000 Investment $30,000 Prepaid insurance $6000 Note receivable due 2026 $50,000 Investments consist of treasury bills that were purchased in November this year and mature in January next year. Prepaid insurance is for the next two years. What amount should be included in the current asset section of Janson's December 31, 2013, balance sheet

Answer 1

$82,000

Step-by-step explanation:

Current Assets are assets of a short term nature that exists in the business for a period not exceeding 12 months.

The current asset section

Inventory $40,000

Investment $30,000

Account receivable $12,000

Total $82,000

Therefore

The current asset section of Janson's December 31, 2013, balance sheet would show a total of $82,000