Selected accounts from Phipps Corporation’s trial balance are as follows. Phipps Corporation Trial Balance December 31 (Selected Accounts) Debit Credit Cash $50,000 Short-Term Marketable Securities 27,000 Accounts Receivable 13,000 Inventories 48,000 Other Current Assets 10,000 Land 100,000 Equipment 45,000 Accumulated Depreciation-Equipment $5,000 Goodwill 30,000 Other Intangible Assets 15,000 Prepare the assets section of the company’s balance sheet. Phipps CorporationBalance SheetDecember 31 Assets Current Assets: $Cash Property, Plant, and Equipment, Net Accounts Receivable Inventories Other Current Assets Total Current Assets $fill in the blank 11 Short-Term Marketable Securities Goodwill Other Intangible Assets Total Assets $fill in the blank 18
Selected accounts from Phipps Corporation’s trial balance are as follows. Phipps Corporation Trial Balance December 31 (Selected Accounts) Debit Credit Cash $50,000 Short-Term Marketable Securities 27,000 Accounts Receivable 13,000 Inventories 48,000 Other Current Assets 10,000 Land 100,000 Equipment 45,000 Accumulated Depreciation-Equipment $5,000 Goodwill 30,000 Other Intangible Assets 15,000 Prepare the assets section of the company’s balance sheet. Phipps CorporationBalance SheetDecember 31 Assets Current Assets: $Cash Property, Plant, and Equipment, Net Accounts Receivable Inventories Other Current Assets Total Current Assets $fill in the blank 11 Short-Term Marketable Securities Goodwill Other Intangible Assets Total Assets $fill in the blank 18
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 24CE
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Question
Selected accounts from Phipps Corporation’s
Phipps Corporation | ||
Trial Balance | ||
December 31 | ||
(Selected Accounts) | ||
Debit | Credit | |
Cash | $50,000 | |
Short-Term Marketable Securities | 27,000 | |
13,000 | ||
Inventories | 48,000 | |
Other Current Assets | 10,000 | |
Land | 100,000 | |
Equipment | 45,000 | |
$5,000 | ||
30,000 | ||
Other Intangible Assets | 15,000 |
Prepare the assets section of the company’s
Phipps CorporationBalance SheetDecember 31
Assets | |
Current Assets: | |
|
$Cash |
|
Property, Plant, and Equipment, Net |
|
Accounts Receivable |
|
Inventories |
|
Other Current Assets |
Total Current Assets | $fill in the blank 11 |
|
Short-Term Marketable Securities |
|
Goodwill |
|
Other Intangible Assets |
Total Assets | $fill in the blank 18 |
Expert Solution
Step 1 Concept of current and non-current assets
Current assets are those that are expected to be received within 12 months from the end of the reporting period or within the operating cycle of the entity. It is pertinent to note that current assets specifically include inventory, cash and cash equivalents. Other assets that doesn't meet the criteria of current assets are non-current assets.
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