Every example in my book shows Prepaid and Inventory as Current Assets. Does the order matter? In the Liabilites and Owner's Equity section the one liabilityis throwing off my Total Current Liabilities and the Total Liabilities number. I am completely at a loss for the Owner's Equity - where to even get that from. Can you help? Avenger Company's balance sheet at December 31, 2021, is presented below.Avenger LLCDuring Jhnuary 2022, the following transactions occurred. (Avenger Company uses the perpetual inventory system.)Balance Sheet131-Dec-21Avenger paid $ 220 interest on the note payable on January 1, 2022. The note is due December 31, 2023.$ 26,400$ 12,100Avenger purchased $ 229,768 of inventory on account.Avenger sold for $ 387,200 cash, inventory which cost $ 233,200. Avenger also collected $ 25,168 insales taxes.Avenger paid $ 202.400 in accounts payable.Avenger paid $ 14.960 in sales taxes to the state.Paid other operating expenses of $ 26.400.On January 31, 2022, the payroll for the month consists of salaries and wages of $ 56,000. All salariesand wages are subject to 7.65% FICA taxes. A total of $ 7,840 federal income taxes are withheld. Thesalaries and wages are paid on February 1.CashAccounts Payable23InventoryPrepaid InsuranceEquipment27,060Interest Payable220Notes PayableOwner's Capital5,28044,000433,440$ 92,18035.860$92,18067Adjustment data:Interest expense of $ 220 has been incurred in January on the notes payable.The insurance for the year 2022 was prepaid on December 31, 2021.10The equipment was acquired on December 31, 2021, and will be depreciated on a straight-line basis over5 years with a $ 1,760 salvage value.Employer's payroll taxes include 7.65% FICA taxes, a 5.4% state unemployment tax, and an 0.6% federalunemployment tax11Avengers LLCJournal EntriesNo. Account Titles and Explanation1 Interest PayableAdjusted Trial BalanceDebit Credit220$194,788.00$ 23,628.00CashIncome StatementInventoryJanuary 31, 2022220Prepaid insuranceEquipmentS 4.840.00$ 33,440.00Cash2 Inventory229768Sales Revenue387200229768S 39,468.005 44,000.00$ 387,200.00S 10,208.00$ 8,568.00$ 7,840.00$ 3.024.00Accounts PayableAccounts PayableCost of Goods Sold-2332003 CashSales Tax Payable412368Notes Payable25168Sales RevenueSales taxes PayableFICA Taxes PayableFederal income Taxes PayableState unemployment taxes PayableSales Revenue387200Gross Profit / (Loss)154000(To record sales revenue.)Cost of Goods SoldInventory4 Accounts PayableCashslsales Taxes PayableCash6lother Operating Expenses233200Operating Expenses233200Insurance Expense440$ 43,876.00S 35,860.00$ 336.00202400Salaries and wages PayableOwners CapitalFederal unemployment taxes Payable202400Payroll Tax Expense76441496014960Interest payable220.00other Operating Expenses2640026400Other Operating ExpenseS 26,400.00Cash7Salaries and WagesFICA Taxes PayableFederal Income Taxes Payable26400Salaries and eages$ 56,000.00Salaries and Wages Expense5600056000lInsurance Expense440.00$233,200.00:Depreciation Expense5284284Cost of Goods Sold784043876Accumulated Depreciation ExpenseS28.00Salaries and Wages PayableDepreciation ExpenseS528.00Total Operating Expenses910128 Interest Expense220Interest Expense220.00Interest PayablePayroll Taxe Expense$ 7,644.00Income from Operations629882209insurance ExpensePrepaid Insurance10 Depreciation Expense440Total581.128581,128Other Expenses and Losses440528Interest Expense220Accumulated Depreciation Expense52811 Payroll Taxe Expense7644Net income / (Loss)State Unemployment Taxes PayableFederal Unemployment Taxes PayableFICA taxes payable3024627683364284 Avengers LLCBalance Sheet31-Jan-22AssetsCurrent AssetsCash194,788.00Total Current AssetsProperty, Plant, and Equipment194,788.00Equipment33440LessAccum. Depr.-Equipment-528Total Property,Plant, and Equipment32912Total Assets$4227,700.00Liabilities and Owner's EquityCurrent LiabilitiesAccounts Payable39468Interest Payable220Sales Taxes Payable10208FICA Taxes Payable8568Federal Income Taxes Payable7840Salaries and Wages Payable43876Federal Unemployment Taxes Payable336Total Current Liabilities110516Long Term LiabilitiesNotes Payable-44000Total Liabilities66516Owner's EquityTotal Liabilities and Owner's Equity66516

Name: Every example in my book shows Prepaid and Inventory as Current Assets
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Description: Every example in my book shows Prepaid and Inventory as Current Assets. Does the order matter? In the Liabilites and Owner's Equity section the one liabilityis throwing off my Total Current Liabilities and the Total Liabilities number. I am comple

1. Balance Sheet - This Statement shows the balance of assets liabilities and Equity as at the…

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entory Avenger Company's balance sheet at December 31, 2021. is presented below. Avenger LLC During Jhnuary 2022. the following transactions occurred. (Avenger Company uses the perpetual inventory system.) Balance Sheet Avenger paid $ 220 interest on the note payable on January 1, 2022. The note is due December 31, 2023. Avenger purchased $ 229.768 of inventory on account. Avenger sold for $ 387.200 cash, inventory which cost $ 233.200. Avenger also collected $ 25.168 in Isales taxes Avenger paid $ 202400 in accounts payable. |Avenger paid $ 14,960 in sales taxes to the state. Paid other operating expenses of $ 26,400. On January 31, 2022, the payroll for the month consists of salaries and wages of $ 56.000. All salaries and wages are subject to 7.65% FICA taxes. A total of $ 7,840 federal income taxes are withheld. The salaries and wages are paid on February 1. 31-Dec-21 $ 26,400 Accounts Payable $ 12.100 2 3 Cash Inventory 27,060 Interest Payable 220 Prepaid Insurance Equipment 5,280 33,440 $92.180 Notes Payable Owner's Capital 44,000 4 35,860 $92.180 61 Adjustment data: 8. 9. |Interest expense of $ 220 has been incurred in January on the notes payable. The insurance for the year 2022 was prepaid on December 31, 2021. 10 The equipment was acquired on December 31. 2021. and will be depreciated on a straight-line basis over 5 years with a $ 1,760 salvage value. Employer's payroll taxes include 7.65% FICA taxes, a 5.4% state unemployment tax, and an 0.6% federal unemployment tax. 11 Journal Entries No. Account Titles and Explanation 1interest Payable Avengers LLC Income Statement Adjusted Trial Balance |Debit Cash $194,788.00 S 23.628.00 5 440 00 S 33,440 00 Credit Inventory Prepaid insurance Equipment Accounts Payable 220 January 31, 2022 Cash 220 inventory Accounts Payable alCash 22976 8 I 229768 Sales Revenue 387200 $ 39.44 00 s 44.000 00 S7.200 00 S 10.208 00 IS R568.00 4123 4 Notes Payable Cost of Goods Sold -233200 Sales Tax Payable Sales Revenue Ito record sales revenue Cost of Goods Seld Inventory 4Accounts Payable 2516 387200 Sales Revenue Sales taes Payable FICA Taxes Payable Federal incone Tases Payable State unemployment taes Payable Salaries and wages Payable Owners Capital Federal unemgloyment tases Payable Interest payable Other Operating Expense Salaries andeages Insurance Expense Cost of Goods Sold Accumulated Depreciation Expense Depreciation Expense Interest Expense Payoll Tae spense Total Gross Profit / (Loss) 154000 233200 Operating Expenses $7.84000 S 302400 $ 41,876 00 $35,860 00 336 00 S 220 00 233200 202400 Insurance Expense 440 Cash Sales Taxes Payable 202400 Раyroll Tax Expеnse 7644 140 Cash sOther Operating Expenses 14940 Other Operating Expenses 26400 26400 $ 26.400 00 S 56.000 00 440 00 $233 200 00 Salaries and Wages Expense Cash 26400 56000 56000 Salaries and Wages FICA Taves Pavable Depreciation Expense Total Operating Expenses 4284 528 7840 $$28.00 Federal income Tases Payable Salaries and Wages Pavable interest txpense Interest Payable linsurance Expense 91012 S28.00 Is 220 00 IS 7,644 00 43876 220 220 Income from Operations 62988 440 581128 581.128 Other Expenses and Losses Prepaid Insurance 10 Depreciation Expense Accumulated Depreciation Expense 1Payroll Tae Expense State Unemployment Taes Payable Ofederal Unemployment Tases Payable FICA es payable 440 520 Interest Expense 220 S28 7644 3024 Net income / (Loss) 62768 4284