The following accounts appeared on the trail balance of Elbert Company at December 31, 2019. Notes...

The following accounts appeared on the trail balance of Elbert Company at December 31, 2019.

Notes Payable (short-term)	$192,000	Accounts Receivable	$518,400
Accumulated Depreciation - Bldg.	783,000	Prepaid Insurance	56,250
Supplies	37,800	Preferred Stock	750,000
Salaries and Wages Payable	34,200	Common Stock	1,125,000
Debt Investments (long-term)	281,400	Inventory	1,580,250
Cash	170,250	Land	465,000
Bonds Payable Due 1/1/2025	1,200,000	Trading Securities	73,200
Allowance for Doubtful Accts.	7,800	Interest Payable	5,700
Copyrights	192,900	Buildings	1,926
Notes Receivable (due in 6 months)	138,000	Accounts Payable	409,950
Income Taxes Payable	156,000	Additional Paid-in Capital	163,800

(1). Prepare the current assets section of the balance sheet listing the accounts in proper sequence.

(2). Prepare the current liabilities section of the balance sheet.

Expert Solution

1	Current Assets
	Cash		170,250
	Trading Securities		73,200
	Accounts Receivable	518,400
	Less: Allowance for Doubtful Accts	(7,800)	510,600
	Notes Receivable (due in 6 months)		138,000
	Inventory		1,580,250
	Supplies		37,800
	Prepaid Insurance		56,250
	Total current assets		2,566,350

2
	Current Liabilities
	Accounts Payable	409,950
	Notes Payable (short-term)	192,000
	Salaries and Wages Payable	34,200
	Income Taxes Payable	156,000
	Interest Payable	5,700
	Total Current Liabilities	797,850

ekkarill92 answered 3 years ago

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