Terracotta, Inc. reported the following accounts and amounts (in millions) in it

Question

Terracotta, Inc. reported the following accounts and amounts (in millions) in its financial statements for the year ended November 30, 2013 Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depreciation Allowance for Doubtful Accounts Cash and Cash Equivalents Equipment Income Taxes Payable Notes Payable (long-term) No' $ 910 990 640 980 40 1.020 6.855 40 3.400 110 400 460 8,830 640 4240 795 970 le (short-term) able (long-term) Prepaic Rent Retained Earnings Service Revenue Short-term Investments Software Unearned Revenue Prepare the current assets section of its balance sheet The Allowance for Doubtful Accounts relates entirely to Accounts Receivable. (Enter your answers in millions (ie. 10,000,000 should be entered as 10).) TERRACOTTA ING Partial Balance Sheet As of November 30, 2013 (in millions of doillars) Assets Current Assets Cash and Cash Equivalents Short-term Investments Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable net of Allowance Prepaid Rent Total Current Assets

Explanation / Answer

Current Assets: Cash and cash equivalents 1,020 Short term investment 4240 Accounts freceivable 990 Less: Allowance for doubtful dents 40 Accounts receivable net of allowance 950 Prepaid rent 460 Total current assets 6670

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