90.2K
Verified Solution
Link Copied!
Desert Company reported the following account balances at the end of the 1^("st ") quarter:
Prepaid Expenses* $4,873
Patents $28,810
PPE (net) $473,683
Cash $34,478
Trading Securities $10,623
Unearned Revenue $24,179
Retained Earnings $550,000
Accounts Receivable (net) $65,794
Notes Payable $82,318
*Prepaid Expenses are for a 2-year lease, beginning January of this year. What would Desert report for Current Assets on its quarterly balance sheet?
Answer & Explanation
Solved by verified expert
