Question

A list of fi nancial statement items for Chin Company includes the following: accounts receivable $14,000, prepaid insurance $2,600, cash $10,400, supplies $3,800, and debt investments (short-term) $8,200. Prepare the current assets section of the balance sheet listing the items in the proper sequence.

Answer 1

Step-by-step explanation:

Data provided in the question:

Accounts receivable = $14,000

Prepaid insurance = $2,600

cash = $10,400

supplies = $3,800

Debt investments (short-term) = $8,200

Now,

Balance sheet listing the items in the proper sequence is as follows

Current Assets Amount

Cash $10,400

Debt investments (short term) $8,200

Accounts receivables $14,000

Supplies $3800

Prepaid Insurance $2,600

=================================================================

Total current assets $39,000