Tamarisk Corporation has the following accounts included in its December 31, 2017, trial balance: Accounts Receivable $119,100, Inventory $294,700, Allowance for Doubtful Accounts $9,780, Patents $74,800, Prepaid Insurance $9,510, Accounts Payable $82,500, and Cash $34,700. Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)

            Tamarisk Corporation

Balance sheet as on December 31, 2017

Current Asset

Cash                             $34,700.

Accounts Receivable  $119,100

Inventory                      $294,700

Prepaid Insurance       $9,510    

Total Current Assets   $458,010

Explanation:

Current assets are those asset which is liquidated within one year e.g cash, inventory etc.

Following accounts are the non current assets accounts, that is why these balances are not added in the current account section.

Allowance for Doubtful Accounts $9,780

Patents $74,800

Accounts Payable $82,500

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

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