Finished goods inventory $32,200 Supplies $57,040
Prepaid insurance 22,000 Materials inventory 70,000
Accounts receivable 84,000 Cash 89,600
Work in process inventory 126,000
Prepare the Current Assets section of Berente Company’s balance sheet at December 31, 2014.
Answer:
BERENTE COMPANY
Balance Sheet
December 31, 2014
Current assets:
Cash $ 89,600
Accounts receivable 84,000
Inventories:
Finished goods $ 32,200
Work in process 126,000
Materials 70,000 228,200
Supplies 57,040
Prepaid insurance 22,000
Total current assets $480,840