Selected data for three companies are given below. All inventory amounts are ending balances and all amounts are in millions. 1(Click the icon to view the data.) Requirement Using the above data, calculate total current assets for each company. (If a box is not used in the table, leave the box empty; do not select a label or enter a zero. Enter amounts in millions as provided to you in the problem statement, $X.) Begin by calculating total current assets for Company A. (1) (2) (3) (4) (5) Total current assets Now calculate total current assets for Company B. (6) (7) (8) (9) (10) Total current assets Finally, calculate total current assets for Company C. (11) (12) (13) (14) (15) Total current assets 1: Data Table Company A Company B Company C Cash $10 Wages Expense $14 Administrative Expenses $5 Net Sales Revenue 35 Equipment 24 Cash 9 Finished Goods Inventory 5 Accounts Receivable 7 Net Sales Revenue 82 Cost of Goods Sold 21 Service Revenue 41 Selling Expenses 2 Selling Expenses 1 Cash 29 Merchandise Inventory 18 Equipment 62 Rent Expense 11 Equipment 54 Work-in-Process Inventory 1 Accounts Receivable 11 Accounts Receivable 12 Cost of Goods Sold 33 Cost of Goods Manufactured 26 Administrative Expenses 3 Raw Materials Inventory 1

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

Selected data for three companies are given below. All inventory amounts are ending balances and all amounts are in millions.

1(Click

the icon to view the data.)

Requirement

Using the above data, calculate total current assets for each company. (If a box is not used in the table, leave the box empty; do not select a label or enter a zero. Enter amounts in millions as provided to you in the problem statement, $X.)

Begin by calculating total current assets for Company A.

(1)
(2)
(3)
(4)
(5)
Total current assets

Now calculate total current assets for Company B.

(6)
(7)
(8)
(9)
(10)
Total current assets

Finally, calculate total current assets for Company C.

(11)
(12)
(13)
(14)
(15)
Total current assets

1: Data Table

Company A		Company B		Company C
Cash	$10		Wages Expense	$14	Administrative Expenses	$5
Net Sales Revenue	35		Equipment	24	Cash	9
Finished Goods Inventory	5		Accounts Receivable	7	Net Sales Revenue	82
Cost of Goods Sold	21		Service Revenue	41	Selling Expenses	2
Selling Expenses	1		Cash	29	Merchandise Inventory	18
Equipment	62		Rent Expense	11	Equipment	54
Work-in-Process Inventory	1				Accounts Receivable	11
Accounts Receivable	12				Cost of Goods Sold	33
Cost of Goods Manufactured	26
Administrative Expenses	3
Raw Materials Inventory	1

(1)

Accounts Receivable

Administrative Expenses

Cash

Cost of Goods Manufactured

Cost of Goods Sold

Equipment

Finished Goods Inventory

Net Sales Revenue

Raw Materials Inventory

Selling Expenses

Work-in-Process Inventory

(2)

Accounts Receivable

Administrative Expenses

Cash

Cost of Goods Manufactured

Cost of Goods Sold

Equipment

Finished Goods Inventory

Net Sales Revenue

Raw Materials Inventory

Selling Expenses

Work-in-Process Inventory

(3)

Accounts Receivable

Administrative Expenses

Cash

Cost of Goods Manufactured

Cost of Goods Sold

Equipment

Finished Goods Inventory

Net Sales Revenue

Raw Materials Inventory

Selling Expenses

Work-in-Process Inventory

(4)

Accounts Receivable

Administrative Expenses

Cash

Cost of Goods Manufactured

Cost of Goods Sold

Equipment

Finished Goods Inventory

Net Sales Revenue

Raw Materials Inventory

Selling Expenses

Work-in-Process Inventory

(5)

Accounts Receivable

Administrative Expenses

Cash

Cost of Goods Manufactured

Cost of Goods Sold

Equipment

Finished Goods Inventory

Net Sales Revenue

Raw Materials Inventory

Selling Expenses

Work-in-Process Inventory

(6)

Accounts Receivable

Cash

Equipment

Rent Expense

Service Revenue

Wages Expense

(7)

Accounts Receivable

Cash

Equipment

Rent Expense

Service Revenue

Wages Expense

(8)

Accounts Receivable

Cash

Equipment

Rent Expense

Service Revenue

Wages Expense

(9)

Accounts Receivable

Cash

Equipment

Rent Expense

Service Revenue

Wages Expense

(10)

Accounts Receivable

Cash

Equipment

Rent Expense

Service Revenue

Wages Expense

(11)

Accounts Receivable

Administrative Expenses

Cash

Cost of Goods Sold

Equipment

Merchandise Inventory

Net Sales Revenue

Selling Expenses

(12)

Accounts Receivable

Administrative Expenses

Cash

Cost of Goods Sold

Equipment

Merchandise Inventory

Net Sales Revenue

Selling Expenses

(13)

Accounts Receivable

Administrative Expenses

Cash

Cost of Goods Sold

Equipment

Merchandise Inventory

Net Sales Revenue

Selling Expenses

(14)

Accounts Receivable

Administrative Expenses

Cash

Cost of Goods Sold

Equipment

Merchandise Inventory

Net Sales Revenue

Selling Expenses

(15)

Accounts Receivable

Administrative Expenses

Cash

Cost of Goods Sold

Equipment

Merchandise Inventory

Net Sales Revenue

Selling Expenses

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