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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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Section
BuyFindarrow_forward

Accounting

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

In what order should the three inventories of a manufacturing business be presented on the balance sheet?

To determine

Balance sheet for a manufacturing business:

Inventory refers to the raw materials, work-in progress, 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 determine: In which sequence the three inventories of a manufacturing business must be reported on the balance sheet.

Explanation

The order in which the three inventories of a manufacturing business would be reported on the balance sheet is as follows:

Company Y
Balance sheet
As on ……
Particulars $ $
Currents assets:
     Cash xxx
     Accounts receivable   xxx
In...

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