Prepare the “Current assets” section of Diesel Additives Company’s balance sheet
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Partial balance sheet data for Diesel Additives Company at August 31 are as follows:
| Finished goods inventory | $42,750 |
| Prepaid insurance | 27,000 |
| 104,000 | |
| Work in process inventory | 153,500 |
| Supplies | 71,500 |
| Materials inventory | 88,250 |
| Cash | 115,000 |
Prepare the “Current assets” section of Diesel Additives Company’s balance sheet at August 31. Be sure to complete the statement heading. Refer to the Accounts, Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required.
AccountsAccounts receivableAccumulated depreciation -equipmentCashEquipmentFinished goodsMaterialsPrepaid insuranceSuppliesWork in processLabelsAugust 31For the Month Ended August 31Current assetsInventoriesAmount DescriptionsTotal inventoriesTotal current assets
Prepare the “Current assets” section of Diesel Additives Company’s balance sheet at August 31. Be sure to complete the statement heading. Refer to the Accounts, Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required.
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Diesel Additives Company
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Balance Sheet
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