On the basis of the following data related to current assets for Mission Co. at December 2016,
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Question:
On the basis of the following data related to current assets for Mission Co. at December 2016, prepare a partial balance sheet in good form.
Cash and cash equivalents | $100,000 |
Notes receivable | 50,000 |
Accounts receivable | 290,000 |
Allowance for doubtful accounts | 20,000 |
Interest receivable | 750 |
Merchandise inventory at lower-of-cost-(first-in, first-out method) or-market | 120,000 |
Prepare a partial balance sheet in good form. Enter the assets in the order they are listed above.
Mission Co. | ||
Partial Balance Sheet | ||
December 31, 2016 | ||
Assets | ||
Current assets: | ||
Cash and cash equivalents | $ | |
Notes receivable | ||
Accounts receivable | $ | |
Less allowance for doubtful accounts | ||
Interest receivable | ||
Merchandise inventory at lower of cost (FIFO) or market | ||
Total current assets | $ |
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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