Preparing a Current Asset Section along with Note Disclosures The following selected normal balances are from the post-closing trial balance of WKO Inc. as of December 31. Additional information 1. Included in the cash balance is $45,000 of cash restricted for 18 months due to a debt agreement. 2. Included in investments is $50,400 of short-term investments at fair value, and the remaining is long-term, also recognized at fair value. 3. 5% of the accounts receivable balance of $135,000 is estimated to be uncollectible. 4. Inventory is valued at the lower of cost or market. The cost value is determined using the LIFO method. a. Prepare the current asset section of the classified balance sheet on December 31. Note: Do not use negative signs with any of your answers. b :o assets, to be included in the significant accounting policy note accompanying the financial statements on December 31. b. Prepare a list of four notes, in reference to assets, to be included in the significant accounting policy note accompanying the financial statements on December 31. Amount of sales to related parties Average payment terms on accounts payable Depreciation method for equipment Error discovered in depreciation affecting three years Financial statement presentation of restricted cash Inventory method and valuation Names of banks where cash is on deposit Policy to estimate allowance for doubtful accounts Stock issuance after year-end resulting in cash inflow Previous Save Answers