Prepare the current assets section of its balance sheet. The Allowance for Doubt
ID: 2519912 • Letter: P
Question
Prepare the current assets section of its balance sheet. The Allowance for Doubtful Accounts relates entirely to Accounts Receivable. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
Accounts Payable $ 860 Accounts Receivable 890 Accumulated Amortization 590 Accumulated Depreciation 930 Allowance for Doubtful Accounts 70 Cash and Cash Equivalents 970 Equipment 6,355 Income Taxes Payable 70 Notes Payable (long-term) 2,900 Notes Payable (short-term) 85 Notes Receivable (long-term) 350 Prepaid Rent 410 Retained Earnings 8,330 Service Revenue 590 Short-term Investments 3,740 Software 745 Unearned Revenue 920Explanation / Answer
Partial Balance Sheet As of November 30, 20XX (in millions of dollars) Assets Current Assets: Cash and Cash Equivalents 970 Short-term Investments 3740 Accounts Receivable 890 Less: Allowance for Doubtful Accounts 70 Accounts Receivable, net of Allowance 820 Prepaid Rent 410 Total Current Assets 5940