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
Materials Inventory 24,000
Prepare the Current Assets section of Ellison Company's balance sheet at December 31, 2008.
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
Supplies is an expense item, so it will be recorded in the income statement.
|Add:||Finished goods inventory||12,500|
See full answer below.
Become a member and unlock all Study Answers
Start today. Try it nowCreate an account
Ask a question
Our experts can answer your tough homework and study questions.Ask a question Ask a question
Learn more about this topic:
fromChapter 3 / Lesson 8
What are current assets on a balance sheet? Learn the definition of an asset and see current assets examples. Compare current assets to noncurrent assets.