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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.)

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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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.)

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 $ $ %24 %24 %24 >
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 $ $ %24 %24 %24 >
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