Multiple Choice
The following items are taken from the financial statements of Gray's Postal Service for the year ending December 31, 2021: The current assets should be listed on Gray's Postal Service's balance sheet in the following order:
A) cash, accounts receivable, prepaid insurance, equipment.
B) cash, prepaid insurance, supplies, accounts receivable.
C) cash, accounts receivable, prepaid insurance, supplies.
D) equipment, supplies, prepaid insurance, accounts receivable, cash.
Correct Answer:

Verified
Correct Answer:
Verified
Q62: Under IFRS and under GAAP, current assets
Q63: A liability is classified as a current
Q64: Zen Arcade paid the weekly payroll on
Q65: If a company utilizes reversing entries, they
Q66: Liabilities are generally classified on a balance
Q68: A post-closing trial balance is prepared<br>A)after closing
Q69: The worksheet does not show<br>A)net income or
Q70: The income statement for the year 2021
Q71: Both correcting entries and adjusting entries always
Q72: On a classified balance sheet, current assets