On the Basis of the Following Data Related to Assets

question 65

Essay

On the basis of the following data related to assets due within one year for Simons Co., prepare a partial balance sheet in good form at December 31. Show total current assets. $$\begin{array} { l r } \text { Cash } & 56,000 \\\text { Accounts receivable } & 325,000 \\\text { Allowance for doubtful accounts } & 25,000 \\\text { Interest receivable } & 3,000 \\\text { Supplies } & 4,000 \\\text { Inventory } & 45,000 \\\text { Other current assets } & 10,000\end{array}$$

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Definitions:

Fourth of July

An American federal holiday commemorating the adoption of the Declaration of Independence on July 4, 1776, marking the country's independence from Great Britain.

Uncle Tom's Cabin

A novel by Harriet Beecher Stowe that was published in 1852, highlighting the harsh realities of slavery in America and contributing significantly to anti-slavery sentiments.

Slaves

Individuals forced into servitude without personal freedoms or rights.

Slave Owners

Individuals or entities that owned, bought, and sold enslaved people as property, primarily in historical contexts such as pre-Civil War America.