Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2014....
Question:
Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2014.
| Inventory (finished goods) | $ 52,640 |
| Cost of Goods Sold | $2,143,000 |
| Unearned Service Revenue | 96,770 |
| Notes Receivable | 45,000 |
| Equipment | 261,000 |
| Accounts Receivable | 161,480 |
| Inventory (work in process) | 35,890 |
| Inventory (raw materials) | 212,510 |
| Cash | 44,900 |
| Supplies Expense | 72,607 |
| Equity Investments (short-term) | 31,460 |
| Allowance for Doubtful Accounts | 12,520 |
| Customer Advances | 36,300 |
| Licenses | 18,060 |
| Restricted Cash for Plant Expansion | 57,520 |
| Additional Paid-in Capital | 88,970 |
| Treasury Stock | 27,310 |
The following additional information is available.
1.Inventories are valued at lower-of-cost-or-market using LIFO.
2.Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $59,000.
3.The short-term investments have a fair value of $33,180. (Assume they are trading securities.)
4.The notes receivable are due April 30, 2016, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrued interest due on December 31, 2014.)
5.The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $58,800 are pledged as collateral on a bank loan.
6.Licenses are recorded net of accumulated amortization of $14,470.
7.Treasury stock is recorded at cost.
Prepare the current assets section of Yasunari Kawabata Company's December 31, 2014, balance sheet.
(List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information provided in the question.)
Prepare Current Asset Portion of a Balance Sheet
So for any Company, the current asset portion of the balance sheet is especially important, as it reflects a number of characteristics and abilities of the firm to: pay off current liabilities as they become due in the next year; when current assets are distilled down into quick assets, does the company have the ability to pay off current liabilities. The current ratio and the quick ratio are two important ratios which are used to confirm one Company to another Company in the same industry; and also that firm's improvement or lack of improvement in these ratios from the past to the current time.
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View this answerPrepare the current assets section of Yasunari Kawabata Company's December 31, 2014, balance sheet.
(List Current Assets in order of liquidity. Enter...
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