Prepare the current assets section of the balance sheet as of December 31, 2013, for Lipton, Inc.

Question:

Prepare the current assets section of the balance sheet as of December 31, 2013, for Lipton, Inc. using the following information:

Accounts Receivable ......$63,000

Petty Cash ......... 500

Cash in Bank Accounts ..... 22,000

Inventory ......... 55,500

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...