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A list of financial statement items for Sheridan Company includes the following: accounts receivable $18,900; prepaid insurance $3,510; cash $14,040; supplies $5,130; and debt investments (short-term) $11,070. Prepare the current assets section of the balance sheet listing the items in the proper sequence.

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Answer:

                                         Sheridan Company

                              The current assets section of

             Statement of Financial position as on MM DD, YY

Current Asset:

Cash                                          $14,040

Debt investments (short-term) $11,070

Accounts receivable                 $18,900

Prepaid insurance                     $3,510

Supplies                                    $5,130  

Total Current Asset                                    $52,650

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