Presented below are selected accounts of Toshiba Company at December 31, 2017. I

ID: 2328011 • Letter: P

Question

Presented below are selected accounts of Toshiba Company at December 31, 2017. Inventory (finished goods) $ 52,000 Cost of Goods Sold $ 2,100,000 Unearned Service Revenue 90,000 Notes Receivable 40,000 Equipment 253,000 Accounts Receivable 161,000 Inventory (work in process) 34,000 Inventory (raw materials) 207,000 Cash 37,000 Supplies Expense 60,000 Debt Investments (short-term) 29,000 Licenses 18,000 Additional Paid-in Capital 88,000 Treasury Stock 22,000 The following additional information is available. 1. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $50,600. 2. The notes receivable are due April 30, 2019 Instructions Prepare the current assets section of Toshiba Company’s December 31, 2017, balance sheet. List in appropriate order Presented below are selected accounts of Toshiba Company at December 31, 2017. Inventory (finished goods) $ 52,000 Cost of Goods Sold $ 2,100,000 Unearned Service Revenue 90,000 Notes Receivable 40,000 Equipment 253,000 Accounts Receivable 161,000 Inventory (work in process) 34,000 Inventory (raw materials) 207,000 Cash 37,000 Supplies Expense 60,000 Debt Investments (short-term) 29,000 Licenses 18,000 Additional Paid-in Capital 88,000 Treasury Stock 22,000 The following additional information is available. 1. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $50,600. 2. The notes receivable are due April 30, 2019 Instructions Prepare the current assets section of Toshiba Company’s December 31, 2017, balance sheet. List in appropriate order

Explanation / Answer

Toshiba Company

Partial Balance Sheet

As at December 31, 2017

Current assets

Cash

$ 37,000.00

Debt investments

$ 29,000.00

Accounts receivables

$ 161,000.00

Inventories (determined at lower of cost or market value)

- Finished goods

$ 52,000.00

- Work in process

$ 34,000.00

- Raw materials

$ 207,000.00

$ 293,000.00

Total current assets

$ 520,000.00