Koch Corporations adjusted trial balance contained the following asset accounts at December 31, 2012 Cash $7,000 Land $40,000 Patents $12,500 Accounts Receivable $90,000 Prepaid Insurance $5,200 Inventory $30,000 Allowance for Doubtful Accounts $4,000 Equity Investments (trading) $11,000 Prepare th...

Current assets Cash 7000 Trading securi ...

Koch Corporations adjusted trial balance contained the following asset accounts at December 31, 2012: Cash $7,000; Land

Question:

Koch Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2012: Cash $7,000; Land $40,000; Patents $12,500; $90,000; Prepaid Insurance $5,200; Inventory $30,000; Allowance for Doubtful Accounts $4,000; Equity Investments (trading) $11,000. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence.

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...