A list of current assets for Swann Limited includes the following: accounts receivable $14,500; cash $16,400; merchandise

Question:

A list of current assets for Swann Limited includes the following: accounts receivable $14,500; cash $16,400; merchandise inventory $9,000; supplies $4,200; and prepaid insurance $3,900. Prepare the current assets section of the statement of financial position.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...