Prepare the current asset section based on the following alphabetized post-closing trial balance information at March 31, 2017, for Whiteagle Company:
Account Debits Credits
Accounts payable $7,000
Accounts receivable $4,500
Accumulated depreciation 9,900
Cash 15,000
Isaac Whiteagle, capital 25,800
Notes payable, due 2023 14,000
Petty cash 600
Prepaid rent 3,200
Property, plant and equipment 3 8,000
Unearned revenue 4,600
Prepare the current asset section based on the following alphabetized post-closing trial balance information at March 31, 2017, for Whiteagle Company:
Account Debits Credits
Accounts payable $7,000
Accounts receivable $4,500
Accumulated depreciation 9,900
Cash 15,000
Isaac Whiteagle, capital 25,800
Notes payable, due 2023 14,000
Petty cash 600
Prepaid rent 3,200
Property, plant and equipment 3 8,000
Unearned revenue 4,600
Related questions
USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (6)QUESTIONS:
The following is a December 31, 2016, post-closing trial balancefor Excell Company:
| Account Title | Debits | Credits |
| Cash | $ 83,000 | |
| Accounts Receivable (net of Allowance) | $280,000 | |
| Prepaid Expenses | $ 32,000 | |
| Investments | $ 65,000 | |
| Land | $175,000 | |
| Buildings (net) | $160,000 | |
| Equipment (net) | $145,000 | |
| Accounts payable | $ 73,000 | |
| Accrued expenses payable | $ 45,000 | |
| Unearned Revenue | $150,000 | |
| Notes payable | $300,000 | |
| Common Stock | $200,000 | |
| Retained Earnings | $172,000 | |
| TOTALS | $940,000 | $940,000 |
Additional Information:
1. The cash account includes $22,000 set aside in a legallyrestricted fund to pay bonds payable that mature in 2024, a $15,000cash surrender value of a life insurance policy on the company'sCEO, and $2,000 in petty cash.
2. The accounts receivable balance consists of the following:
a. Amounts owed by customerswith debit balances $ 227,600
b. Customer accounts withcredit balances 10,500
c. Allowance for uncollectibleaccounts - trade customers (9,400)
d. Non-trade note receivabledue in three equal payments on June 25 over the next 3 years64,500
e. Interest receivable on notedue in nine months 7,800
Total $ 280,000
3. The prepaid expenses includes $18,000 that will be consumedduring 2017 and $14,000 that will be consumed during 2018.
4. The investments account is classified as Available for SaleSecurities and includes an investment of $25,000 in bonds thatmature July 1, 2017. Of the remaining investments balance,management intends to hold for at least the next three years. Allinvestments in the portfolio have already been marked-to-market andare reported at Fair Value.
5. The land account includes land which cost $75,000 that thecompany purchased for speculative purposes and is currently heldfor sale. The remaining $100,000 is the cost of land on which thecompany's office building resides. The equipment account includesidle machinery with a book value of $45,000.
6. The unearned revenue represents customer prepayments formagazine subscriptions. Subscriptions are for five years and willbe earned evenly over each of the years beginning January 1,2017.
7. The notes payable account consists of the following:
a. a$50,000 note due in six months.
b. a$100,000 bond due in eight years.
c. a$150,000 note due in six annual installments of $25,000 each, withthe next installment due Nov. 1, 2017.
*Intereston all notes has been properly accrued and is included in accruedexpenses.
Required: After all corrections have beenmade, determine the correct amount of CurrentAssets:
