Calcas Corporation, a Portuguese company, has an adjusted trial balance that contained the following asset accounts at December 31, 2013: Cash €7,000; Land €40,000; Patents €12,500; Accounts Receivable €90,000; Prepaid Insurance €5,200; Inventory €30,000; Allowance for Doubtful Accounts €4,000; Trading Securities €11,000.
Required: Prepare the current assets section of the statement of financial position, using most common IFRS sequence of accounts.

Question

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The Answer of Calcas Corporation, a Portuguese company, has an adjusted trial balance that contained the following asset accounts at December 31, 2013: Cash €7,000; Land €40,000; Patents €12,500; Accounts Receivable €90,000; Prepaid Insurance €5,200; Inventory €30,000; Allowance for Doubtful Accounts €4,000; Trading Securities €11,000.
Required: Prepare the current assets section of the statement of financial position, using most common IFRS sequence of accounts.

Calcas Corporation, a Portuguese Company, Has an Adjusted Trial Balance