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value 2.00 points M8-13 Reporting Accounts and Notes Receivable in a Classified Balance Sheet [LO 8-2, LO 8-3] Terracotta, Inc. reported the following accounts and amounts (in millions) in its financial statements for the year ended November 30,2013 Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depreciation Allowance for Doubtful Accounts Cash and Cash Equivalents Equipment Income Taxes Payable Notes Payable (long-term) Notes Payable (short-term) Notes Receivable (long-term Prepaid Rent Retained Earnings Service Revenue Short -term Investments Software Uneaned Revenue $ 870 910 600 940 80 980 6455 80 3,000 90 360 420 8,430 600 3,840 755 930

Solution

Partial Balance Ssheet Current assets: cash and cash equivalents 980 Short term investment 3,840 Accounts receivable 910 Less: Allowance for doubtful debt 80 Net Accounts receivable 830 Prepaid rent 420 Total Current assets 6,070