Springfield Corporation reported the following selected items at February 28, 2024: Prepare the current assets section of
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Springfield Corporation reported the following selected items at February 28, 2024:
Prepare the current assets section of Springfield's statement of financial position. (List Current Assets in order of liquidity.)
SPRINGFIELD CORPORATION
Accounts payable | $1,163,120 |
Accounts receivable | 582,800 |
Allowance for expected credit losses | 37,200 |
Cash | 186,000 |
Credit losses | 29,760 |
Deferred revenue | 6,200 |
Estimated inventory returns | 23,560 |
Inventory | 471,200 |
Notes receivable —due November 1, 2024 | 372,000 |
Notes receivable-due April 1, 2027 | 496,000 |
Prepaid rent | 9,920 |
Sales tax recoverable | 47,120 |
Trading investments | 409,200 |
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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