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

Question

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

The following additional information is available.

Prepare the current assets section of Sheffield Company’s December 31, 2017, balance sheet, with appropriate disclosures. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information provided in the question.)

Inventory (finished goods) $ 59,800 Cost of Goods Sold $2,113,900 Unearned Service Revenue 94,800 Notes Receivable 40,400 Equipment 261,700 Accounts Receivable 170,720 Inventory (work in process) 43,100 Inventory (raw materials) 183,830 Cash (not including restricted cash) 40,000 Supplies Expense 55,820 Debt Investments (trading) 39,500 Allowance for Doubtful Accounts 12,420 Customer Advances 54,800 Licenses 16,580 Restricted Cash for Plant Expansion 59,500 Additional Paid-in Capital 80,630 Treasury Stock 22,540

Explanation / Answer

Current Assets Amount Cash             99,500.00 Less: Restricted Cash for Plant Expansion            -59,500.00             40,000.00 Debt Investments (trading)             27,640.00 Interest Receivable(40400*0.06*8/12)               1,616.00 Accounts Receivable          1,70,720.00 Less: Allowance for Doubtful Accounts            -12,420.00          1,58,300.00 Inventories Inventory (finished goods)             59,800.00 Inventory (work in process)             43,100.00 Inventory (raw materials)          1,83,830.00          2,86,730.00 Total Current Assets        5,14,286.00 Balance Sheet Liabilities Amount Assets Amount Share Capital Fixed Assets Additional Paid-in Capital                80,630 Equipment (Net)                 2,15,455 Treasury Stock               -22,540 Licenses (Net)                    16,580 P&L A/c             8,28,131 Investments Current Liabilities Debt Investments (trading)                    27,640 Customer Advances                54,800 Current Assets & Receivables Notes Receivable                    40,400 Interest Receivable                       1,616 Accounts Receivable (net)                 1,58,300 Unearned Service Revenue                    94,800 Inventories Inventory (finished goods)                    59,800 Inventory (raw materials)                 1,83,830 Inventory (work in process)                    43,100 Cash                      99,500             9,41,021                 9,41,021                          -

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