please solve problem number 7 type answer, show all work and answer all parts. Thanks...
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please solve problem number 7 type answer, show all work and answer all parts. Thanks
7. The following is Gold Corp.s June 30, Year 6, trial balance:
Cash overdraft $ 10,000
Accounts receivable, net $ 35,000
Inventory 58,000
Prepaid expenses 12,000
Land held for resale 100,000
Property, plant, and equipment, net 95,000
Accounts payable and accrued expenses 32,000
Common stock 25,000
Additional paid-in capital 150,000
Retained earnings 83,000
$300,000 $300,000
Additional information:
Checks amounting to $30,000 were written to vendors and recorded on June 29, Year 6, resulting in a cash overdraft of $10,000. The checks were mailed on July 9, Year 6.
Land held for resale was sold for cash on July 15, Year 6.
Gold issued its financial statements on July 31, Year 6.
In its June 30, Year 6, balance sheet, what amount should Gold report as current assets?
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