The following information is for Pronghorn Corporation as of December 31, 2017.Restricted Cash for Retirement of long- term debt $ 24,100 Additional Paid-in Capital $ 54,900Equipment (cost) 113,000 Accounts Receivable 71,300Inventory (work in process) 13,600 Inventory (raw materials) 61,500Cash (unrestricted) 21,700 Supplies Expense 16,800Inventory (finished goods) 33,000 Cost of Goods Sold 405,700Equity Investments (cost) 9,500 Allowance for Doubtful Accounts 4,400Customer Advances 11,800 Licenses 7,100Unearned Service Revenue 36,800 Notes Receivable 17,600 Treasury Stock 12,300The following additional information is available.1. Inventories are valued at lower-of-cost-or-market using FIFO.2. Treasury stock is recorded at cost.3. Licenses are recorded net of accumulated amortization of $ 6,300.4. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $ 37,850.5. The equity investments have a fair value of $ 9,100. (Assume they are trading securities.)6. The allowance for doubtful accounts applies to the accounts receivable.7. The notes receivable are due in full on March 31, 2019, with interest receivable every April 30. The notes bear interest at 9%. (Hint: Accrued interest due on December 31, 2017.)Prepare the current assets section of Pronghorn Corporation’s balance sheet with appropriate disclosures on the face of the balance sheet. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information.) **PRONGHORN CORPORATION****Balance Sheet (Partial)**This image is a template for a partial balance sheet from Pronghorn Corporation. It is designed to input financial data in a structured way, split into two main sections for organizing assets, liabilities, or equity. The layout includes dropdown menus, text boxes, and spaces to input dollar amounts, likely representing different components of a balance sheet.**Layout Details:**- **Dropdown Menus:** Two dropdown menu options are present, likely for selecting specific categories or line items (e.g., Assets, Liabilities, Equity).- **Text Boxes:** Multiple text boxes are available, enabling users to input specific descriptions or names of financial line items.- **Dollar Amount Inputs:** Several boxes are designated for dollar values, labeled with a dollar sign `$`. These are used for numerically representing the financial data related to the particular line item descriptions.This template serves as a tool for companies to organize their financial position at a glance, typically part of a detailed accounting process. It is particularly useful for ensuring the accuracy and clarity of financial reporting, and helping stakeholders understand the organization's financial health. The image shows a blank form typically used for collecting payment or financial details. Here's a transcription and detailed description:- There is a dropdown menu at the top left, which could be used for selecting options such as payment methods.- Two horizontal sets of three lines suggest spaces for multiple entries or information fields.- In the middle bottom section, there is a single line, likely for single-item entry or description.- To the right, the word “CREDIT” is underlined, suggesting a section dedicated to entering credit-related information such as card numbers or account details.- Below, three smaller rectangular boxes might be intended for expiration date information (month/year format).- Two short underlined spaces could be for entering amounts, marked by a dollar sign ($) on the left one, indicating it is a field for entering a specific monetary amount.No graphs or diagrams are present in the image. The form is structured for capturing detailed information likely related to financial transactions or billing.

Balance sheet is one of the financial statement of business, which shows financial position for the…

The following information is for Pronghorn Corporation as of December 31, 2017. Restricted Cash for Retirement of long- term debt $ 24,100 Additional Paid-in Capital $ 54,900 Equipment (cost) 113,000 Accounts Receivable 71,300 Inventory (work in process) 13,600 Inventory (raw materials) 61,500 Cash (unrestricted) 21,700 Supplies Expense 16,800 Inventory (finished goods) 33,000 Cost of Goods Sold 405,700 Equity Investments (cost) 9,500 Allowance for Doubtful Accounts 4,400 Customer Advances 11,800 Licenses 7,100 Unearned Service Revenue 36,800 Notes Receivable 17,600 Treasury Stock 12,300 The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using FIFO. 2. Treasury stock is recorded at cost. 3. Licenses are recorded net of accumulated amortization of $ 6,300. 4. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $ 37,850. 5. The equity investments have a fair value of $ 9,100. (Assume they are trading securities.) 6. The allowance for doubtful accounts applies to the accounts receivable. 7. The notes receivable are due in full on March 31, 2019, with interest receivable every April 30. The notes bear interest at 9%. (Hint: Accrued interest due on December 31, 2017.) Prepare the current assets section of Pronghorn Corporation’s balance sheet with appropriate disclosures on the face of the balance sheet. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information.)

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q