Answered: Manufacturing Company Balance Sheet…

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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Question

Manufacturing Company Balance Sheet Partial balance sheet data for Diesel Additives Company at August 31 are as follows: Line Item Description Amount Finished goods inventory $13,600 Prepaid insurance 13,900 Accounts receivable 35,400 Work in process inventory 54,400 Supplies 24,500 Materials inventory 29,900 Cash 38,100 Prepare the “Current assets” section of Diesel Additives Company’s balance sheet at August 31. Diesel Additives Company Balance Sheet August 31 Line Item Description Amount Amount Current assets: $- Select - - Select - Inventories: $- Select - - Select - - Select - Total inventories Total inventories - Select - - Select - Total current assets $Total current assets

Manufacturing Company Balance Sheet
Partial balance sheet data for Diesel Additives Company at August 31 are as follows:
Finished goods inventory
$13,600
Prepaid insurance
13,900
Accounts receivable
35,400
Work in process inventory
54,400
Supplies
24,500
Materials inventory
29,900
Cash
38,100
Prepare the "Current assets" section of Diesel Additives Company's balance sheet at August 31.
Diesel Additives Company
Balance Sheet
August 31
Line Item Description
Current assets:
Inventories:
Total inventories
Total current assets
ta
Amount
LA
A
Amount
0000

Expert Solution

Step 1

Current assets are those assets that are realizable within a time period of one year. It includes assets like cash, account receivable, short-term investment, marketable security, inventory, etc. The inventory combination includes raw materials, work in progress, and finished goods inventory.