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 2 years ago
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