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Flint Corporation’s adjusted trial balance contained the following asset accounts

Question

Flint Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2025: Cash $8.920, Land $40,300, Patents $14,300, Accounts Receivable $96,470, Prepaid Insurance $5,530, Inventory $36,300, Allowance for Doubtful Accounts $4,490, and Equity Investments (to be sold in the next quarter) $15,750.
Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)

Answer

Current Assets
Cash        8,920
Equity investments     15,750
Accounts Receivable         96,470
Allowance for Doubtful Accounts         (4,490)     91,980
Inventory        36,300
Prepaid Insurance     5,530
Total Current Assets.   158,480

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