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elected data for three companies are given below. All inventory amounts are ending balances and all amounts are in millions. (Click the icon to view the data.) Requirement sing the above data, calculate total current assets for each company. (If a box is not used in the table, leave the box empty; do not select a label or enter a zero. Enter amounts in millions as provided to you in the egin by calculating total current assets for Company A Total current assets Data table Company A Cash Net Sales Revenue Finished Goods Inventory Cost of Goods Sold Selling Expenses Equipment Work-in-Process Inventory Accounts Receivable $ Company B 8 Wages Expense 35 Equipment 4 Accounts Receivable 25 Service Revenue 2 Cash 65 Rent Expense 10 9

elected data for three companies are given below. All inventory amounts are ending balances and all amounts are in millions. (Click the icon to view the data.) Requirement sing the above data, calculate total current assets for each company. (If a box is not used in the table, leave the box empty; do not select a label or enter a zero. Enter amounts in millions as provided to you in the egin by calculating total current assets for Company A Total current assets Data table Company A Cash Net Sales Revenue Finished Goods Inventory Cost of Goods Sold Selling Expenses Equipment Work-in-Process Inventory Accounts Receivable $ Company B 8 Wages Expense 35 Equipment 4 Accounts Receivable 25 Service Revenue 2 Cash 65 Rent Expense 10 9

FINANCIAL ACCOUNTING
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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Principles of Accounting

Selected data for three companies are given below. All inventory amounts are ending balances and all amounts are in millions. (Click the icon to view the data.) Requirement Using the above data, calculate total current assets for each company. (If a box is not used in the table, leave the box empty; do not select a label or enter a zero. Enter amounts in millions as provided to you in the problem statement, $X.) Begin by calculating total current assets for Company A. Total current assets ▼ C Data table Company A Cash Net Sales Revenue Finished Goods Inventory Cost of Goods Sold Selling Expenses Equipment Work-in-Process Inventory Accounts Receivable Cost of Goods Manufactured Administrative Expenses Raw Materials Inventory $ Company B 8 Wages Expense 35 Equipment 4 Accounts Receivable 25 Service Revenue 2 Cash 65 Rent Expense 10 9 24 1 7 Print $ Done 18 41 Company C Administrative Expenses Cash Net Sales Revenue 5 38 Selling Expenses 8 Merchandise Inventory 14 Equipment Accounts Receivable Cost of Goods Sold $ 10 5 w co w w 32 41 13 10 X
Transcribed Image Text:Selected data for three companies are given below. All inventory amounts are ending balances and all amounts are in millions. (Click the icon to view the data.) Requirement Using the above data, calculate total current assets for each company. (If a box is not used in the table, leave the box empty; do not select a label or enter a zero. Enter amounts in millions as provided to you in the problem statement, $X.) Begin by calculating total current assets for Company A. Total current assets ▼ C Data table Company A Cash Net Sales Revenue Finished Goods Inventory Cost of Goods Sold Selling Expenses Equipment Work-in-Process Inventory Accounts Receivable Cost of Goods Manufactured Administrative Expenses Raw Materials Inventory $ Company B 8 Wages Expense 35 Equipment 4 Accounts Receivable 25 Service Revenue 2 Cash 65 Rent Expense 10 9 24 1 7 Print $ Done 18 41 Company C Administrative Expenses Cash Net Sales Revenue 5 38 Selling Expenses 8 Merchandise Inventory 14 Equipment Accounts Receivable Cost of Goods Sold $ 10 5 w co w w 32 41 13 10 X
Selected data for three companies are given below. All inventory amounts are ending balances and all amounts are in millions. (Click the icon to view the data.) Requirement Using the above data, calculate total current assets for each company. (If a box is not used in the table, leave the box empty; do not select a label or enter a zero. Enter amounts in millions Begin by calculating total current assets for Company A. Accounts Receivable Administrative Expenses Cash Cost of Goods Manufactured Cost of Goods Sold Equipment Finished Goods Inventory Net Sales Revenue Raw Materials Inventory Selling Expenses Work-in-Process Inventory C Data table Company A Cash Net Sales Revenue Finished Goods Inventory Cost of Goods Sold Selling Expenses Equipment Work-in-Process Inventory Accounts Receivable Cost of Goods Manufactured Administrative Expenses Raw Materials Inventory $ 8 Wages 35 Equipm 4 Accoun 25 Service 2 65 10 9 24 1 Cash Rent Ex Pr
Transcribed Image Text:Selected data for three companies are given below. All inventory amounts are ending balances and all amounts are in millions. (Click the icon to view the data.) Requirement Using the above data, calculate total current assets for each company. (If a box is not used in the table, leave the box empty; do not select a label or enter a zero. Enter amounts in millions Begin by calculating total current assets for Company A. Accounts Receivable Administrative Expenses Cash Cost of Goods Manufactured Cost of Goods Sold Equipment Finished Goods Inventory Net Sales Revenue Raw Materials Inventory Selling Expenses Work-in-Process Inventory C Data table Company A Cash Net Sales Revenue Finished Goods Inventory Cost of Goods Sold Selling Expenses Equipment Work-in-Process Inventory Accounts Receivable Cost of Goods Manufactured Administrative Expenses Raw Materials Inventory $ 8 Wages 35 Equipm 4 Accoun 25 Service 2 65 10 9 24 1 Cash Rent Ex Pr
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Step 1

The current assets are the type of assets that have a maturity period of fewer than 12 months (or one year). These assets are very liquid in nature and can be sold easily in case of emergency. 

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