Prepare the current assets section of the balance sheet as of May 31, 2016, for Spices and

Question:

Prepare the current assets section of the balance sheet as of May 31, 2016, for Spices and More, Inc., using the following information:

Account Receivable ................................................. $54, 200

Petty Cash .................................................................. 300

Cash in Back Accounts .............................................. 21, 400

Inventory .............................................................. 85, 800

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...