Partial balance sheet data for Ellison Company at December 31, 2008 are as follows: Finished...
Question:
Partial balance sheet data for Ellison Company at December 31, 2008 are as follows:
Finished goods inventory 12,500
Prepaid Insurance 6,000
Accounts receivable 25,000
Work in process inventory 45,000
Supplies 15,000
Materials Inventory 24,000
Cash 32,000
Prepare the Current Assets section of Ellison Company's balance sheet at December 31, 2008.
Current Asset:
Current assets include cash and other valuables that the company expects to convert into cash within one year. Examples of current assets include cash, cash equivalent, account receivable, prepaid expense, etc.
Answer and Explanation: 1
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View this answerSupplies is an expense item, so it will be recorded in the income statement.
| Particulars | Amount | |
|---|---|---|
| Cash | 32,000 | |
| Add: | Finished goods inventory | 12,500 |
| Ad... |
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