The Following Are the Current Assets from Hanes Co Prepare the Current Asset Section of the Balance Sheet

question 53

Essay

The following are the current assets from Hanes Co. as of December 31, 2011:
$\begin{array}{|l|l|}\hline 42,000 & \text { Accounts Receivable } \\\hline 3,000 & \text { Allowance for Doubtful Accounts } \\\hline 79,000 & \text { Cash } \\\hline 3,500 & \text { Interest Receivable } \\\hline 104,000 & \text { Merchandise Inventory } \\\hline 100,000 & \text { Notes Receivable } \\\hline\end{array}$ Prepare the current asset section of the balance sheet.

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Definitions:

Initiation Date

The specific date at which a particular transaction, project, or contract begins.

Forward Contract

A bespoke contract involving two parties for the buying or selling of an asset at an agreed price on a designated future date.

Currency Option

An economic instrument granting the bearer the option to swap currencies at an established rate on a designated date, without the compulsion to proceed.

Foreign Exchange Gain

Profit realized from the conversion of foreign currency into the domestic currency at a higher exchange rate than when it was acquired.