### BIN MANUFACTURING### Current Assets Section of the Balance Sheet### December 31| Item | Amount ($) ||-------------------------------------------|------------|| | || | || | || | || | || | || | || | || Total current assets | 0 |The above table is an example of the Current Assets section of the balance sheet for BIN Manufacturing as of December 31. **Explanation of the Components:**1. **Item Column**: This column lists the different types of current assets. Common examples typically include cash, accounts receivable, inventory, and other assets that are expected to be converted to cash or used up within one year.2. **Amount Column**: This column provides the monetary value of each listed asset.3. **Total Current Assets**: This row shows the sum of all the listed current assets. In this template, the total is $0, which indicates that specific asset values have not been filled in.Organizations use this format to provide a detailed view of their current assets, which are critical for understanding their short-term financial health and liquidity. ### Preparing the Current Assets Section of the Balance Sheet for Bin ManufacturingBelow are the details needed to prepare the current assets section of the balance sheet as of December 31 for Bin Manufacturing. Note that not all the information provided is necessary for this solution.**List of Items:**- **Cash:** $22,200- **Accounts Payable:** $2,200- **Raw Materials Inventory:** $8,200- **General and Administrative Expenses:** $42,200- **Accounts Receivable, Net:** $12,200- **Selling Expenses:** $12,200- **Finished Goods Inventory:** $22,200- **Work In Process Inventory:** $18,200- **Prepaid Insurance:** $4,200- **Cost of Goods Sold:** $33,200### Current Assets Section of the Balance Sheet**Current Assets:**- **Cash:** $22,200- **Accounts Receivable, Net:** $12,200- **Raw Materials Inventory:** $8,200- **Finished Goods Inventory:** $22,200- **Work In Process Inventory:** $18,200- **Prepaid Insurance:** $4,200_Total Current Assets_ should be derived by summing the individual amounts mentioned above under current assets. **Calculate the Total Current Assets as follows:**- Cash: $22,200- Accounts Receivable, Net: $12,200- Raw Materials Inventory: $8,200- Finished Goods Inventory: $22,200- Work In Process Inventory: $18,200- Prepaid Insurance: $4,200##### Total Current Assets Calculation:\[\$22,200 + \$12,200 + \$8,200 + \$22,200 + \$18,200 + \$4,200 = \$87,200\]Thus, the Total Current Assets for Bin Manufacturing are **$87,200.**_Educational Note:_ This selection identifies and sums only those items that qualify as current assets, demonstrating the critical thinking required to appropriately categorize and sum balance sheet items. Items like Accounts Payable, General and Administrative Expenses, Selling Expenses, and Cost of Goods Sold are not considered current assets and are therefore excluded from this section.

The balance sheet is prepared to represent the financial position of the business with assets and…

Answered: BIN MANUFACTURING Current Assets…

Business

Accounting

BIN MANUFACTURING Current Assets Section of the Balance Sheet December 31 Total current assets $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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