Answered: Prepare the “Current assets” section of…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter27: Adjustments, Financial Statements, And Year-end Accounting For A Manufacturing business

Section: Chapter Questions

Problem 1MP: Reese Manufacturing Company manufactures and sells a limited line of products made to customer...

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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
Accounts receivable	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

Diesel Additives Company

Balance Sheet

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