Manufacturing Company Balance Sheet Partial balance sheet data for Diesel Additives Company at August 31 are as follows: Finished goods inventory Prepaid insurance Accounts receivable Work in process inventory Supplies Materials inventory Cash $13,600 13,900 35,400 54,400 24,500 29,900 38,100 Prepare the "Current assets" section of Diesel Additives Company's balance sheet at August 31.
Manufacturing Company Balance Sheet Partial balance sheet data for Diesel Additives Company at August 31 are as follows: Finished goods inventory Prepaid insurance Accounts receivable Work in process inventory Supplies Materials inventory Cash $13,600 13,900 35,400 54,400 24,500 29,900 38,100 Prepare the "Current assets" section of Diesel Additives Company's balance sheet at August 31.
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter1: Introduction To Managerial Accounting
Section: Chapter Questions
Problem 10E: Manufacturing company balance sheet Partial balance sheet data for Diesel Additives Company at...
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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
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.
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