Novak Corporation has the following accounts included in its

Novak Corporation has the following accounts included in its December 31, 2017, trial balance: Accounts Receivable $119,400, Inventory $291,000, Allowance for Doubtful Accounts $8,410, Patents $81,600, Prepaid Insurance $9,690, Accounts Payable $86,100, and Cash $35 900.

Prepare the current assets section of the balance sheet.

Novak Corporation
Balance Sheet (Partial)
December 31, 2017

the picture is the format if you are able to see it.

Solution

Novak Corporation Current asset section $ Accounts Receivable          1,19,400 Inventory          2,91,000 Prepaid Insurance                9,690 Cash             35,900 Total current asset          4,55,990