The image shows a portion of Shamrock Company's balance sheet for the year ended June 30, 2022. It focuses on the assets section. The balance sheet is a financial statement that summarizes a company's financial position, detailing its assets, liabilities, and equity.### Layout Description:- **Title and Date**: At the top, it reads "SHAMROCK COMPANY Balance Sheet (Partial) For the Year Ended June 30, 2022." - **Section Header**: Just below the title, the bold heading "ASSETS" signifies the focus on asset-related entries.- **Input Fields**: - There are several blank lines and dropdown fields to potentially list different types of assets. This likely indicates the fields for itemizing current and long-term assets such as cash, accounts receivable, inventory, property, etc. - Corresponding dollar sign placeholders ($) are present for entering the monetary values of each listed asset. - **Total Assets**: Summation templates at the bottom suggest places for calculating and displaying the total of all entered assets. This total further helps in comparing against liabilities and equity to ensure the financial balancing of the company.This balance sheet assists in understanding the financial health of Shamrock Company by assessing the resources it owns. ### Financial Data Overview from Shamrock CompanyThe following financial data is extracted from the records of Shamrock Company for the fiscal year ending on June 30, 2022. The table below presents various inventory values, labor costs, and other financial items essential for understanding the company's financial status during this fiscal period.#### Inventory Data- **Raw Materials Inventory** - Beginning (7/1/21): $50,400 - Ending (6/30/22): $39,900- **Finished Goods Inventory** - Beginning (7/1/21): $99,600 - Ending (6/30/22): $20,600- **Work in Process Inventory** - Beginning (7/1/21): $27,300 - Ending (6/30/22): $20,100#### Labor Costs- **Direct Labor**: $148,350- **Indirect Labor**: $25,660#### Other Financial Data- **Accounts Receivable**: $28,000- **Factory Insurance**: $5,500- **Factory Machinery Depreciation**: $18,100- **Factory Utilities**: $30,100- **Office Utilities Expense**: $8,650- **Sales Revenue**: $562,100- **Sales Discounts**: $5,300- **Factory Manager’s Salary**: $64,900- **Factory Property Taxes**: $9,610- **Factory Repairs**: $2,200- **Raw Materials Purchases**: $98,700- **Cash**: $38,200This set of data is crucial for analyzing the company's financial performance, resource allocation, and cost management throughout the fiscal year. Use these figures to understand trends in inventory changes, cost distributions, and revenue generation.

CURRENT ASSETS Current Assets are those Assets that are expected to be converted to cash within a year. Current Assets Includes Inventory, Cash & Cash Equivalents, Account Receivable etc.Requirement #1 :— Statement Showing Current Assets Section. SHAMROCK COMPANY Balance Sheet (Partial) For the Year Ended June 30, 2022 ASSETS Assets : Current Assets Cash $38,200 Account Receivable $ 28,000 Ending Inventory : Raw Materials $39,900 Work in Process $20,600 Finished Goods $20,100 $80,600 Total Current Assets $146,800

Answered: SHAMROCK COMPANY Balance Sheet…

Business

Accounting

SHAMROCK COMPANY Balance Sheet (Partial) For the Year Ended June 30, 2022 ASSETS $ A $ $

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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