Partial balance sheet data for Ellison Company at December 31, 2008, are as follows: Finished goods inventory

Question:

Partial 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 at December 31, 2008.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...