Business, 11.01.2021 09:10 sahaitong814
Webb Corporation's trial balance for July 31, the end of its fiscal year, included the following accounts:
Accounts Receivable
$32,000
Inventories
47,000
Franchise
39,000
Investments
47,000
Prepaid Insurance
5000
Note Receivable
96,000
Cash in Bank
11000
The investment account consists of marketable securities of which management plans to sell half of by December 31. Prepaid insurance is a two-year policy that was purchased on July 31. The note receivable is an installment note that will be paid in three equal installments on December 31 of each year.
The amount that should be classified as current assets in the July 31 balance sheet is:
Answers: 1
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