Question

In: Accounting

Partial balance sheet data for Diesel Additives Company at August 31 are as follows:

Partial balance sheet data for Diesel Additives Company at August 31 are as follows:

Finished goods inventory $ 89,400

Supplies $ 13,800

Prepaid insurance 9,000

Materials inventory 26,800

Accounts receivable 348,200

Cash 167,500

Work in process inventory 61,100

Prepare the Current assets section of Diesel Additives Company’s balance sheet at August 31.

Solutions

Expert Solution

Inventory : Inventory refers to raw materials, work in process, and finished goods products that a company holds in order to sell or make ready for sale at a later date. A manufacturing company's balance sheet shows three types of inventories.

(a) Material inventory

(b)Work in process inventory

(c)Finished goods inventory

Current assets section of Diesel Additives Company's Balance sheet

Diesel Additives Company

Balance Sheet

August 31

Particulars Amount$ Amount$
Current assets :    
Cash   167,500
Accounts receivable   348,200
Iventories :    
Finished goods  89,400  
Work in process 61,100  
Materials 26,800  
Total inventories   177,300
Supplies   13,800
Prepaid Insurance   9,000
Total Current assets   715,800

 

Therefore, Diesel Additives Company has a current assets balance of $715,800

balaji rao answered 1 year ago
Next > < Previous

Related Solutions

Manufacturing Company Balance Sheet Partial balance sheet data for Upper Crust Company at August 31 are...
Manufacturing Company Balance Sheet Partial balance sheet data for Upper Crust Company at August 31 are as follows: Finished goods inventory $129,800 Prepaid insurance 13,100 Accounts receivable 505,700 Work in process inventory 88,200 Supplies 20,300 Materials inventory 38,900 Cash 243,400 Prepare the Current Assets section of Upper Crust Company’s balance sheet at August 31. Upper Crust Company Balance Sheet August 31 Current assets: $fill in the blank 2 fill in the blank 4 Inventories: $fill in the blank 6 fill...
Highlands Company’s balance sheet shows the following: Highlands Company Balance Sheet August 31 Assets Cash.... $...
Highlands Company’s balance sheet shows the following: Highlands Company Balance Sheet August 31 Assets Cash.... $ 7,000 Accounts receivable ... 54,000 Inventory ...... 30,000 Buildings and equipment, net of depreciation .... 207,000 Total assets ... $298,000 Liabilities and Stockholders’ Equity Accounts payable ..... $ 61,000 Note payable...... 14,500 Common stock.......... 180,000 Retained earnings ......... 42,500 Total liabilities and stockholders’ equity.............. $298,000 The company is preparing a budget for September and its accounting records show the following: a. The September’s sales...
The May 31, balance sheet for MPIX, INC., a photographic printing company is as follows: Balance...
The May 31, balance sheet for MPIX, INC., a photographic printing company is as follows: Balance Sheet May 31 Assets: Cash $15,000 Accounts Recivable 65,000 Inventory 30,000 Buildings and equipment, net depreciation 500,000 Total assets $610,000 Liabilities and Stockholders equity Accounts payable $90,000 Notes Payable $5,000 Capital stock 420,000 retained earnings 95,000 total $610,000 The company is in the process of preparing a budget for June and has assembled the following data: a. Sales are budgeted at $250,000 for June.  Of...
Partial information from the comparative balance sheet of Jackson Company as of December 31, 2020 and...
Partial information from the comparative balance sheet of Jackson Company as of December 31, 2020 and 2019 reflected the following selected account balances. From the information contained on the balance sheet and the additional information below, prepare the Net Cash Flows from Operating activities to answer the following two questions.   Jackson Company Comparative Balance Sheet Partial Information                                                            2020                2019 Current Assets: Cash                                                $114,000         $100,000 Accounts receivable                           18,400             20,700 Inventory                                            62,200             59,600 Current Liabilities: Accounts payable                               29,300             26,600 Accrued liabilities                                9,700             10,100 Additional information: Net income                                                       69,000 Depreciation expense                                         8,000 Question: What...
Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end...
Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follows: Current Year Previous Year Current assets $254,100 $139,700 Property, plant, and equipment 499,730 450,850 Intangible assets 93,170 44,450 Current liabilities 177,870 107,950 Long-term liabilities 330,330 266,700 Common stock 67,760 63,500 Retained earnings 271,040 196,850 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item...
Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end...
Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follows: Current Year Previous Year Current assets $302,470 $187,680 Property, plant, and equipment 594,510 508,300 Intangible assets 146,020 86,020 Current liabilities 239,890 140,760 Long-term liabilities 406,770 320,620 Common stock 93,870 86,020 Retained earnings 302,470 234,600 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item...
Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end...
Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follows: Current Year Previous Year Current assets $339,140 $197,040 Property, plant, and equipment 623,580 558,280 Intangible assets 131,280 65,680 Current liabilities 251,620 147,780 Long-term liabilities 404,780 295,560 Common stock 98,460 106,730 Retained earnings 339,140 270,930 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item...
Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end...
Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follows: Current Year Previous Year Current assets $249,300 $149,520 Property, plant, and equipment 465,360 404,950 Intangible assets 116,340 68,530 Current liabilities 149,580 87,220 Long-term liabilities 349,020 274,120 Common stock 99,720 99,680 Retained earnings 232,680 161,980 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item...
Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end...
Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follows: Current Year Previous Year Current assets $304,500 $182,840 Property, plant, and equipment 461,100 437,510 Intangible assets 104,400 32,650 Current liabilities 174,000 84,890 Long-term liabilities 330,600 261,200 Common stock 87,000 91,420 Retained earnings 278,400 215,490 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item...
1. Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the...
1. Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follows: Current Year Previous Year Current assets $277,440 $177,480 Property, plant, and equipment 432,480 397,800 Intangible assets 106,080 36,720 Current liabilities 163,200 79,560 Long-term liabilities 342,720 275,400 Common stock 73,440 67,320 Retained earnings 236,640 189,720 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT