Preparing a Current Asset Section along with Note Disclosures The following selected balances are from the post-closing trial balance of WKO Inc. as of December 31, 2020.   Cash $120,000 Equipment $128,000 Investments 156,800 Accumulated depreciation 24,000 Accounts receivable 120,000 Franchise, net 24,000 Inventory 128,000 Customer deposits received in advance 6,400 Note receivable 160,000 Accounts payable 104,000   Additional information   Included in the cash balance is $40,000 of cash restricted for 18 months due to a debt agreement. Included in investments is $44,800 of short-term investments at fair value and the remaining is long-term, also recognized at fair value. 4% of the accounts receivable balance of $120,000 is estimated to be uncollectible. Inventory is valued at the lower of cost or market. The cost value is determined using the average cost method. The note receivable of $160,000 is due in 21 months. The interest rate is 5% and the note originated on September 30, 2020. Interest is paid quarterly with the first payment due January 1, 2021.    a. Prepare the current asset section of the classified balance sheet for WKO Inc. on December 31, 2020.   Note: Do not use negative signs in your answers.   Current Asset Section December 31, 2020 Cash   Answer Short-term investments   Answer Accounts receivable Answer   Less: Allowance for doubtful accounts Answer Answer Inventory   Answer Interest receivable   Answer Total current assets   Answer b. Prepare a list of four notes, regarding all assets, to be included in the significant accounting policy note accompanying the financial statements of WKO Inc. on December 31, 2020.   Note: Select your answers in alphabetical order using the first word provided in the note.

Visit www.sec.gov/edgar and search for the BJ's Wholesale annual report (10-K) for the year ended February 1, 2020, using EDGAR (Electronic Data Gathering, Analysis, and Retrieval system). Search or scroll within the annual report to find the balance sheet, labeled "Consolidated Balance Sheets." Required: 1. Find the amounts reported for accumulated depreciation for the period ended February 1, 2020, and February 2, 2019. Assuming no depreciable assets were sold during the year, determine the adjustment for BJ's depreciation for the year and compute the adjusted balances of the related accounts. 2. For simplicity, assume the entire amount reported for "Prepaid expenses and other current assets" represents the balance of the Supplies account. If the year-end balance of the Supplies account prior to any adjustment is $200,000 (in thousands), determine the adjustment that was made to Supplies (and Supplies Expense) at the end of the current year and compute the adjusted balances of the…

Alimama Inc. purchased a EV truck company, Yesla Inc. at $3,500,000 on December 31, 2020. The illustration presents that the statement of Yesla Inc. Yesla Inc. Statement of Financial Position As of December 31,2021 Property, plant, and equipment, net $1,000,000 Cash $50,000 Inventory $800,000 Account Receivable $500,000 Accounting Payable $300,000 Long-term Debt $1,200,000 Yesla Inc. Fair Values Property, plant, and equipment, net $3,000,000 Cash $50,000 Inventory $600,000 Account Receivable $500,000 Accounting Payable $300,000 Long-term Debt $1,200,000 Patent $300,000     On December 31, 2021, Alimama Inc. is reviewing Yesla Inc for purposes of its annual impairment testing. Alimama Inc. determines the fair value less costs to sell of Yesla is $3,000,000 and value-in-use is $2,600,000. Prepare the journal entry for recording the impairment loss.

The following balances were extracted from the books of MajuJaya Enterprise on 31 December 2022. Particular RM RM Capital 50,000 Motor vehicles 90,000 Fixtures & fittings 48,500 Inventory as at 1 January 2022 32,200 Provision for doubtful debts 500 Accumulated depreciation as at 1 January 2022: Motor vehicles 16,000 Fixtures & fittings 10,400 3% fixed deposit 30,000 4% bank loan 50,000 Sales 199,070 Purchases 73,500 Return inwards 2,050 Return outwards 2,120 Discount allowed 2,550 Discount received 2,830 Account receivables 37,700 Account payables 48,650 Carriage inwards 3 ,570 Interest received 450 Commission received 2,600 Salaries 16,100 Electricity bills 5,400 Custom duty on purchases 3, 000 Insurances 450 Maintenance expenses 3,300 Drawing 2,300 Cash in hand 6,800 Cash at bank 25,200 Additional information: 1. Inventory as of 31 December 2022, RM 18,180 2. Depreciation for the year ended 31 December 2022 has yet to be provided as follows:a. Fixtures & fittings. 10% using…