Question: On the basis of the following data related to current assets for Mission Co. at December 2016, prepare a partial balance sheet in good form.

On the basis of the following data related to current assets for Mission Co. at December 2016, prepare a partial balance sheet in good form.

Cash and cash equivalents$100,000
Notes receivable50,000
Accounts receivable290,000
Allowance for doubtful accounts20,000
Interest receivable750
Merchandise inventory at lower-of-cost-(first-in, first-out method) or-market120,000

Prepare a partial balance sheet in good form. Enter the assets in the order they are listed above.

Mission Co.
Partial Balance Sheet
December 31, 2016
Assets
Current assets:
Cash and cash equivalents$
Notes receivable
Accounts receivable$
Less allowance for doubtful accounts
Interest receivable
Merchandise inventory at lower of cost (FIFO) or market
Total current assets$

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