Included in the December 31 trial balance of Blossom Company are the following assets. Cash $ 408,500 Work in process $430,000 Equipment (net) 2,365,000 Accounts Receivables (net) 860,000 Prepaid insurance 88,150 Patents 236,500 Raw materials 720,250 Finished goods 365,500 Prepare the current assets section of the December 31 balance sheet. (List Current Assets in order of liquidity.)
Included in the December 31 trial balance of Blossom Company are the following assets. Cash $ 408,500 Work in process $430,000 Equipment (net) 2,365,000 Accounts Receivables (net) 860,000 Prepaid insurance 88,150 Patents 236,500 Raw materials 720,250 Finished goods 365,500 Prepare the current assets section of the December 31 balance sheet. (List Current Assets in order of liquidity.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
100%
Included in the December 31
|
Cash
|
$ 408,500 |
Work in process
|
$430,000 | |||
|---|---|---|---|---|---|---|
|
Equipment (net)
|
2,365,000 |
|
860,000 | |||
|
Prepaid insurance
|
88,150 |
Patents
|
236,500 | |||
|
Raw materials
|
720,250 |
Finished goods
|
365,500 |
Prepare the current assets section of the December 31
Transcribed Image Text:Current Attempt in Progress
Included in the December 31 trial balance of Blossom Company are the following assets.
Cash
$ 408,500
Work in process
$430,000
Equipment (net)
2,365,000
Accounts Receivables (net)
860,000
Prepaid insurance
88,150
Patents
236,500
Raw materials
720,250
Finished goods
365,500
Prepare the current assets section of the December 31 balance sheet. (List Current Assets in order of liquidity.)
BLOSSOM COMPANY
Balance Sheet (Partial)
December 31
Current Assets
$
$
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