Question: Prepare the current asset section of the balance sheet. Use the following information: Tidrick Manufacturing Company has just completed its first year of operation. It
Prepare the current asset section of the balance sheet.
Use the following information:
Tidrick Manufacturing Company has just completed its first year of operation. It has the following accounts in the general ledger. The bookkeeper is unsure which accounts to show on the balance sheet and which accounts to report on the income statement. All amounts are in thousands of dollars.
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Accounts Receivable Accounts Payable Accumulated Depreciation, Building Accumulated Depreciation, Machinery Additional Paid-In Capital Allowance for Uncollectible Accounts Bonds Payable Building Cash Common Stock Copyright Cost of Goods Sold Deferred Income Taxes Payable Discount on Bonds Payable Dividends Payable Finished Goods Inventory Income Tax Expense Incomc Taxca Payablc Insurance Expense Interest Expense $4.680 $6,316 $580 $362 $3,234 $45 $1,580 $3,340 $4,317 $30 $391 $33,892 $30 $75 $130 $30 $1,079 $1,300 $400 S308 Land Land Held for Speculation Machinery Marketable Securities (trading) Notes Payable, Due in 90 Days Notes Payable, Due in 10 Yeans Preferred Stock Prepaid Insurance Prepaid Rent Purchases Discounts Raw Materials Inventory Rent Expense Retained Earnings ales Sales Discounts Sales Returns and Allowances 2510 S2,500 S1,879 $835 81,570 S2,600 $20 $500 $941 $180 $87 $600 S3,996 $43,068 S1,414 $210 Selling and Administrative Expenses $2,700 $78 $580 $210 Supplica Wages Payable Work-in-Process Inventory
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