Question: Preparing the Current Asset Section Prepare the current asset section of a classified balance sheet given the following account balances on December 31, 2020. Accounts

Preparing the Current Asset Section

Prepare the current asset section of a classified balance sheet given the following account balances on December 31, 2020.

Accounts receivable$18,000Cash equivalents$400Allowance for doubtful accounts800Equipment40,000Accounts payable20,000Inventory20,000Cash5,600Prepaid insurance400

Note:Combine cash and cash equivalents into one line item.

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