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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Manufacturing company balance sheet

Partial balance sheet data for Diesel Additives Company at August 31 are as follows:

Finished goods inventory $ 89,400
Prepaid insurance 9,000
Accounts receivable 348,200
Work in process inventory 61,100
Supplies $ 13,800
Materials inventory 26,800
Cash 167,500

Prepare the Current assets section of Diesel Additives Company’s balance sheet at August 31.

To determine

Balance sheet for a manufacturing company:

Inventory refers to the raw materials, work-in process, and the finished goods products that are held by the business to sell or make it ready for sale, in the future date. There are three types of inventories a manufacturing business reports on its balance sheet. They are as follows:

  • Material inventory.
  • Work in process inventory.
  • Finished goods inventory.

To prepare: The Current assets section of D’s Company balance sheet at August 31.

Explanation

The Current assets section of D’s Company balance sheet at August 31 is as follows:

Company D
Balance sheet
August 31
Particulars $ $
Currents assets:
    Cash 167,500
    Accounts receivable   348,200

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